# EDGAR Filing Document

**Accession Number:** 0001379785
**File Stem:** 0001379785-25-000035
**Filing Date:** 2025-8
**Character Count:** 672884
**Document Hash:** a06e9ab95549e0eae5ad47c81c4f63e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001379785-25-000035.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001379785-25-000035

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barings BDC, Inc.
- **CENTRAL INDEX KEY:** 0001379785

**ORGANIZATION NAME:**
- **EIN:** 061798488
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00733
- **FILM NUMBER:** 251194412

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Triangle Capital CORP
- **DATE OF NAME CHANGE:** 20061101

?xml version='1.0' encoding='ASCII'? bbdc-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

__________________________________________________________

**Form 10-Q**

__________________________________________________________

(Mark One)

---

| | |
|:---|:---|
| 🗷 | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the quarterly period ended June 30, 2025**

**OR**

---

| | |
|:---|:---|
| ◻ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**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**<br>**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:**

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| Common Stock, par value $0.001 per share | BBDC | The New York Stock Exchange |

---

________________________________________________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes 🗷&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;Yes 🗷&nbsp;&nbsp;&nbsp;&nbsp;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 | ◻ | 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. | 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. | 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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ◻&nbsp;&nbsp;&nbsp;&nbsp;No 🗷

The number of shares outstanding of the registrant's common stock on August 7, 2025 was 105,158,938.

------

**BARINGS BDC, INC.**

**TABLE OF CONTENTS**

**QUARTERLY REPORT ON FORM 10-Q**

---

| | | |
|:---|:---|:---|
| | | **<u>Page</u>** |
| **<u>PART I – FINANCIAL INFORMATION</u>** | **<u>PART I – FINANCIAL INFORMATION</u>** | **<u>PART I – FINANCIAL INFORMATION</u>** |
| Item 1. | [Financial Statements](#i28e7fb077e6d4d1380b74dfc683be027_16) |  |
|  | [Unaudited Consolidated Balance Sheet as of](#i28e7fb077e6d4d1380b74dfc683be027_19)June 30, 2025[and Consolidated Balance Sheet as of](#i28e7fb077e6d4d1380b74dfc683be027_19)December 31, 2024 | [3](#i28e7fb077e6d4d1380b74dfc683be027_19) |
|  | [Unaudited Consolidated Statements of Operations for the](#i28e7fb077e6d4d1380b74dfc683be027_22)Three and Six Mo[nths Ended](#i28e7fb077e6d4d1380b74dfc683be027_22)June 30, 2025 and 2024 | [4](#i28e7fb077e6d4d1380b74dfc683be027_22) |
|  | [Unaudited Consolidated Statements of Changes in Net Assets for the](#i28e7fb077e6d4d1380b74dfc683be027_25)Three and Six [Months Ended](#i28e7fb077e6d4d1380b74dfc683be027_25)<br>June 30, 2025[and](#i28e7fb077e6d4d1380b74dfc683be027_25)2024 | [6](#i28e7fb077e6d4d1380b74dfc683be027_25) |
|  | [Unaudited Consolidated Statements of Cash Flows for the](#i28e7fb077e6d4d1380b74dfc683be027_28) Six [Months Ended](#i28e7fb077e6d4d1380b74dfc683be027_28)June 30, 2025[and](#i28e7fb077e6d4d1380b74dfc683be027_28)2024 | [8](#i28e7fb077e6d4d1380b74dfc683be027_28) |
|  | [Unaudited Consolidated Schedule of Investments as of](#i28e7fb077e6d4d1380b74dfc683be027_31)June 30, 2025 | [9](#i28e7fb077e6d4d1380b74dfc683be027_31) |
|  | [Consolidated Schedule of Investments as of](#i28e7fb077e6d4d1380b74dfc683be027_34)December 31, 2024 | [35](#i28e7fb077e6d4d1380b74dfc683be027_34) |
|  | [Notes to Unaudited Consolidated Financial Statements](#i28e7fb077e6d4d1380b74dfc683be027_37) | [61](#i28e7fb077e6d4d1380b74dfc683be027_37) |
| Item 2. | [Management](#i28e7fb077e6d4d1380b74dfc683be027_82)['](#i28e7fb077e6d4d1380b74dfc683be027_82)[s Discussion and Analysis of Financial Condition and Results of Operations](#i28e7fb077e6d4d1380b74dfc683be027_82) | [105](#i28e7fb077e6d4d1380b74dfc683be027_82) |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#i28e7fb077e6d4d1380b74dfc683be027_100) | [132](#i28e7fb077e6d4d1380b74dfc683be027_100) |
| Item 4. | [Controls and Procedures](#i28e7fb077e6d4d1380b74dfc683be027_103) | [133](#i28e7fb077e6d4d1380b74dfc683be027_103) |
| **<u>PART II – OTHER INFORMATION</u>** | **<u>PART II – OTHER INFORMATION</u>** | **<u>PART II – OTHER INFORMATION</u>** |
| Item 1. | [Legal Proceedings](#i28e7fb077e6d4d1380b74dfc683be027_109) | [134](#i28e7fb077e6d4d1380b74dfc683be027_109) |
| Item 1A. | [Risk Factors](#i28e7fb077e6d4d1380b74dfc683be027_112) | [134](#i28e7fb077e6d4d1380b74dfc683be027_112) |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#i28e7fb077e6d4d1380b74dfc683be027_115) | [134](#i28e7fb077e6d4d1380b74dfc683be027_115) |
| Item 3. | [Defaults Upon Senior Securities](#i28e7fb077e6d4d1380b74dfc683be027_118) | [135](#i28e7fb077e6d4d1380b74dfc683be027_118) |
| Item 4. | [Mine Safety Disclosures](#i28e7fb077e6d4d1380b74dfc683be027_121) | [135](#i28e7fb077e6d4d1380b74dfc683be027_121) |
| Item 5. | [Other Information](#i28e7fb077e6d4d1380b74dfc683be027_124) | [135](#i28e7fb077e6d4d1380b74dfc683be027_124) |
| Item 6. | [Exhibits](#i28e7fb077e6d4d1380b74dfc683be027_127) | [136](#i28e7fb077e6d4d1380b74dfc683be027_127) |
| [Signatures](#i28e7fb077e6d4d1380b74dfc683be027_130) | [Signatures](#i28e7fb077e6d4d1380b74dfc683be027_130) | [137](#i28e7fb077e6d4d1380b74dfc683be027_130) |

---

------

**PART I – FINANCIAL INFORMATION**

**Item 1. *Financial Statements.***

 **Barings BDC, Inc.**

**Consolidated Balance Sheets**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | (Unaudited) | |
| **Assets:** |  |  |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments (cost of $2,156,305 and $2,033,716 as of June 30, 2025 and December 31, 2024, respectively) | $2128553 | $1972373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments (cost of $397,878 and $382,848 as of June 30, 2025 and December 31, 2024, respectively) | 409706 | 397236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments (cost of $81,647 and $106,132 as of June 30, 2025 and December 31, 2024, respectively) | 85623 | 79663 |
| Total investments at fair value | 2623882 | 2449272 |
| Cash (restricted cash of $4,714 and $13,493 as of June 30, 2025 and December 31, 2024, respectively) | 39963 | 74381 |
| Foreign currencies (cost of $9,294 and $17,343 as of June 30, 2025 and December 31, 2024, respectively) | 9298 | 16958 |
| Interest and fees receivable | 41811 | 39914 |
| Prepaid expenses and other assets | 463 | 1745 |
| Credit support agreements (cost of $44,400 and $58,000 as of June 30, 2025 and December 31, 2024, respectively) | 51200 | 63450 |
| Derivative assets | 3361 | 24816 |
| Deferred financing fees | 7807 | 8697 |
| Receivable from unsettled transactions | 15522 | 16427 |
| **Total assets** | $**2793307** | $**2695660** |
| **Liabilities:** |  |  |
| Accounts payable and accrued liabilities | $3943 | $5567 |
| Interest payable | 15430 | 16245 |
| Administrative fees payable | 356 | 540 |
| Base management fees payable | 8193 | 7888 |
| Incentive management fees payable | 11117 | 7871 |
| Derivative liabilities | 5863 | 9394 |
| Payable from unsettled transactions | 4189 | 7380 |
| Borrowings under credit facility | 547313 | 438590 |
| Notes payable (net of deferred financing fees) | 1021059 | 1011831 |
| **Total liabilities** | **1617463** | **1505306** |
| **Commitments and contingencies (Note 7)** |  |  |
| **Net Assets:** |  |  |
| Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,158,938 and 105,408,938 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) | 105 | 105 |
| Additional paid-in capital | 1844638 | 1846977 |
| Total distributable earnings (loss) | (668899) | (656728) |
| **Total net assets** | **1175844** | **1190354** |
| **Total liabilities and net assets** | $**2793307** | $**2695660** |
| Net asset value per share | $11.18 | $11.29 |

---

*See accompanying notes.*

------

**Barings BDC, Inc.**

**Unaudited Consolidated Statements of Operations** 

**(in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months**<br>**Ended**<br>**June 30, 2025** | **Three Months**<br>**Ended**<br>**June 30, 2024** | **Six Months**<br>**Ended**<br>**June 30, 2025** | **Six Months**<br>**Ended**<br>**June 30, 2024** |
| **Investment income:** | | | | |
| Interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | $48899 | $54084 | $93526 | $107273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 1181 | 792 | 2054 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 137 | 51 | 257 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 50217 | 54927 | 95837 | 109459 |
| Dividend income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 1668 | 1324 | 2811 | 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 10108 | 10410 | 19707 | 17565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 2817 |  | 2817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total dividend income | 14593 | 11734 | 25335 | 20210 |
| Fee and other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 4807 | 3552 | 8346 | 6939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 72 | 200 | 104 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 1 | 17 | 4 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee and other income | 4880 | 3769 | 8454 | 7242 |
| Payment-in-kind interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 4007 | 3246 | 7755 | 5728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 266 | 268 | 609 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 235 | 684 | 463 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total payment-in-kind interest income | 4508 | 4198 | 8827 | 7323 |
| Interest income from cash | 200 | 258 | 384 | 458 |
| Total investment income | 74398 | 74886 | 138837 | 144692 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing fees | 22176 | 20774 | 42373 | 41856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee (Note 2) | 8193 | 8190 | 16211 | 16469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive management fees (Note 2) | 11117 | 1122 | 18855 | 9289 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses (Note 2) | 2294 | 2343 | 3989 | 5019 |
| Total operating expenses | 43780 | 32429 | 81428 | 72633 |
| **Net investment income before taxes** | **30618** | **42457** | **57409** | **72059** |
| Income taxes, including excise tax expense | 808 | 315 | 1208 | 565 |
| **Net investment income after taxes** | $**29810** | $**42142** | $**56201** | $**71494** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Barings BDC, Inc.**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** | **Barings BDC, Inc.**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** | **Barings BDC, Inc.**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** | **Barings BDC, Inc.**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** | **Barings BDC, Inc.**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** |
| | **Three Months**<br>**Ended** | **Three Months**<br>**Ended** | **Six Months**<br>**Ended** | **Six Months**<br>**Ended** |
| | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts:** | | | | |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | $6024 | $7685 | $(4360) | $(4922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments |  | (4179) |  | (4179) |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | (17109) |  | (24456) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (11085) | 3506 | (28816) | (9101) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit support agreements | 9400 |  | 9400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 787 | 153 | 2235 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | (14259) | 4415 | 954 | (4671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (15157) | 8074 | (16227) | (13379) |
| Net unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 8975 | (7831) | 31205 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 663 | (5034) | (1197) | (2239) |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 17817 | (13572) | 30447 | (1766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 27455 | (26437) | 60455 | (3333) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit support agreements | (3000) | (904) | 1350 | (7254) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (15205) | 1025 | (22983) | 4541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | (3344) | (4460) | (25661) | 11372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | 5906 | (30776) | 13161 | 5326 |
| Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts | (9251) | (22702) | (3066) | (8053) |
| **Net increase (decrease) in net assets resulting from operations** | $**20559** | $**19440** | $**53135** | $**63441** |
| Net investment income per share — basic and diluted | $0.28 | $0.40 | $0.53 | $0.67 |
| Net increase (decrease) in net assets resulting from operations per share — basic and diluted | $0.20 | $0.18 | $0.51 | $0.60 |
| **Dividends / distributions per share:** |  |  |  |  |
| Regular quarterly dividends / distributions | $0.26 | $0.26 | $0.52 | $0.52 |
| Special dividends / distributions | 0.05 |  | 0.10 |  |
| Total dividends / distributions per share | $0.31 | $0.26 | $0.62 | $0.52 |
| Weighted average shares outstanding — basic and diluted | 105232015 | 105898271 | 105302308 | 105968572 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes.*

------

**Barings BDC, Inc.**

**Unaudited Consolidated Statements of Changes in Net Assets**

**(in thousands, except share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings (Loss)** | **Total<br>Net<br>Assets** |
| Three Months Ended June 30, 2025 | **Number<br>of Shares** | **Par<br>Value** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings (Loss)** | **Total<br>Net<br>Assets** |
| Balance, March 31, 2025 | 105258938 | $105 | $1845526 | $(656828) | $1188803 |
| Net investment income |  |  |  | 29810 | 29810 |
| Net realized loss on investments / CSAs / foreign currency transactions / forward currency contracts |  |  |  | (15157) | (15157) |
| Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts |  |  |  | 5906 | 5906 |
| Distributions of net investment income |  |  |  | (32630) | (32630) |
| Purchases of shares in repurchase plan | (100000) |  | (888) |  | (888) |
| **Balance, June 30, 2025** | **105158938** | $**105** | $**1844638** | $**(668899)** | $**1175844** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings (Loss)** | **Total<br>Net<br>Assets** |
| Three Months Ended June 30, 2024 | **Number<br>of Shares** | **Par<br>Value** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings (Loss)** | **Total<br>Net<br>Assets** |
| Balance, March 31, 2024 | 105951159 | $106 | $1853350 | $(641580) | $1211876 |
| Net investment income |  |  |  | 42142 | 42142 |
| Net realized gain on investments / foreign currency transactions / forward currency contracts |  |  |  | 8074 | 8074 |
| Net unrealized depreciation of investments / CSAs / foreign currency transactions / forward currency contracts |  |  |  | (30776) | (30776) |
| Distributions of net investment income |  |  |  | (27532) | (27532) |
| Purchases of shares in repurchase plan | (193167) |  | (1908) |  | (1908) |
| **Balance, June 30, 2024** | **105757992** | $**106** | $**1851442** | $**(649672)** | $**1201876** |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Statements of Changes in Net Assets — (Continued)** 

**(in thousands, except share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings (Loss)** | **Total<br>Net<br>Assets** |
| Six Months Ended June 30, 2025 | **Number<br>of Shares** | **Par<br>Value** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings (Loss)** | **Total<br>Net<br>Assets** |
| Balance, December 31, 2024 | 105408938 | $105 | $1846977 | $(656728) | $1190354 |
| Net investment income |  |  |  | 56201 | 56201 |
| Net realized loss on investments / CSAs / foreign currency transactions / forward currency contracts |  |  |  | (16227) | (16227) |
| Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts |  |  |  | 13161 | 13161 |
| Distributions of net investment income |  |  |  | (65306) | (65306) |
| Purchases of shares in repurchase plan | (250000) |  | (2339) |  | (2339) |
| **Balance, June 30, 2025** | **105158938** | $**105** | $**1844638** | $**(668899)** | $**1175844** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings (Loss)** | **Total<br>Net<br>Assets** |
| Six Months Ended June 30, 2024 | **Number<br>of Shares** | **Par<br>Value** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings (Loss)** | **Total<br>Net<br>Assets** |
| Balance, December 31, 2023 | 106067070 | $106 | $1854457 | $(658004) | $1196559 |
| Net investment income |  |  |  | 71494 | 71494 |
| Net realized loss on investments / foreign currency transactions / forward currency contracts |  |  |  | (13379) | (13379) |
| Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts |  |  |  | 5326 | 5326 |
| Distributions of net investment income |  |  |  | (55109) | (55109) |
| Purchases of shares in repurchase plan | (309078) |  | (3015) |  | (3015) |
| **Balance, June 30, 2024** | **105757992** | $**106** | $**1851442** | $**(649672)** | $**1201876** |

---

*See accompanying notes.*

------

**Barings BDC, Inc.**

**Unaudited Consolidated Statements of Cash Flows** 

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2024** |
| **Cash flows from operating activities:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $53135 | $63441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of portfolio investments | (409178) | (216878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments received / sales of portfolio investments | 274620 | 289310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan origination and other fees received | 8243 | 3768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 28816 | 9101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss of CSAs | (9400) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | (2235) | (393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on forward currency contracts | (954) | 4671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on investments | (60455) | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation of CSAs | (1350) | 7254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on foreign currency transactions | 22983 | (4541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on forward currency contracts | 25661 | (11372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest / dividends | (11058) | (10331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | 2380 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of loan origination and other fees | (5213) | (5473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization / accretion of purchased loan premium / discount | (895) | (412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from termination of CSA | 23000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for derivative contracts | (21584) | (11586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from derivative contracts | 22538 | 6914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and fees receivable | (691) | 14625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 1282 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 723 | (6984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (830) | 5877 |
| Net cash provided by (used in) operating activities | (60462) | 143203 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under credit facility | 170500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of credit facility | (84471) | (388539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes |  | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing fees paid |  | (7205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of shares in repurchase plan | (2339) | (3015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends / distributions paid | (65306) | (55109) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 18384 | (129368) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and foreign currencies | (42078) | 13835 |
| &nbsp;&nbsp;&nbsp;Cash and foreign currencies, beginning of period | 91339 | 70528 |
| &nbsp;&nbsp;&nbsp;**Cash and foreign currencies, end of period** | $**49261** | $**84363** |
| **Supplemental Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $38453 | $32855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise taxes paid during the period | $3665 | $1700 |

---

*See accompanying notes.*

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments**

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Non–Control / Non–Affiliate Investments:</u>*** | ***<u>Non–Control / Non–Affiliate Investments:</u>*** | | | | | | | | |
| ***<u>Debt Investments</u>*** | ***<u>Debt Investments</u>*** | | | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | | | | | | | | |
| Accurus Aerospace Corporation | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 04/22 | 04/28 | $13155 | $13051 | $12958 | 1.1% | <sup>(7)(8)(12)</sup> |
| Accurus Aerospace Corporation | Revolver | SOFR + 5.75%, 10.2% Cash | 04/22 | 04/28 | 1325 | 1309 | 1291 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| ATL II MRO Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 11/22 | 11/28 | 19214 | 18933 | 18987 | 1.6% | <sup>(7)(8)(13)</sup> |
| ATL II MRO Holdings Inc. | Revolver | SOFR + 5.50%, 9.8% Cash | 11/22 | 11/28 |  | (44) | (39) | —% | <sup>(7)(8)(13)(30)</sup>  |
| Compass Precision, LLC | Senior Subordinated Term Loan | 11.0% Cash, 1.0% PIK | 04/22 | 04/28 | 651 | 647 | 650 | 0.1% | <sup>(7)</sup> |
| GB Eagle Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 12/22 | 12/30 | 9191 | 9010 | 9108 | 0.8% | <sup>(7)(8)(13)(30)</sup> |
| GB Eagle Buyer, Inc. | Revolver | SOFR + 4.50%, 8.8% Cash | 12/22 | 12/30 | 868 | 828 | 852 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 11/19 | 02/29 | 1262 | 1157 | 1262 | 0.1% | <sup>(3)(7)(8)(11)</sup> |
| Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.6% Cash | 11/19 | 02/29 | 6526 | 6448 | 6526 | 0.6% | <sup>(3)(7)(8)(14)</sup> |
| M-Personal Protection Management GmbH | First Lien Senior Secured Term Loan | EURIBOR + 5.38%, 7.7% Cash | 10/24 | 09/31 | 12590 | 11440 | 12590 | 1.1% | <sup>(3)(7)(8)(10)</sup> |
| Megawatt Acquisitionco, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 03/24 | 03/30 | 4139 | 4074 | 3882 | 0.3% | <sup>(7)(8)(13)</sup> |
| Megawatt Acquisitionco, Inc. | Revolver | SOFR + 5.50%, 9.8% Cash | 03/24 | 03/30 | 173 | 163 | 132 | —% | <sup>(7)(8)(13)(30)</sup> |
| Protego Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.9% Cash | 03/21 | 03/28 | 1917 | 1893 | 1917 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| Protego Bidco B.V. | Revolver | EURIBOR + 6.50%, 8.9% Cash | 03/21 | 03/27 | 2299 | 2294 | 2299 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| SISU ACQUISITIONCO., INC. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.9% Cash | 12/20 | 12/26 | 7258 | 7218 | 6702 | 0.6% | <sup>(7)(8)(13)</sup> |
| Trident Maritime Systems, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.9% Cash, 2.0% PIK | 02/21 | 02/27 | 15454 | 15369 | 13507 | 1.1% | <sup>(7)(8)(13)</sup> |
| Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 02/23 | 02/29 | 3013 | 2993 | 2966 | 0.3% | <sup>(7)(8)(13)(30)</sup> |
| Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.8% Cash | 06/24 | 02/29 | 8482 | 8247 | 8482 | 0.7% | <sup>(7)(8)(13)</sup> |
| Whitcraft Holdings, Inc. | Revolver | SOFR + 6.50%, 10.8% Cash | 02/23 | 02/29 | 352 | 306 | 352 | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Aerospace & Defense (8.9%)\*** | **Subtotal Aerospace & Defense (8.9%)\*** |  |  |  | **107869** | **105336** | **104424** |  |  |
| **Automotive** | **Automotive** |  |  |  |  |  |  |  |  |
| Burgess Point Purchaser Corporation | Second Lien Senior Secured Term Loan | SOFR + 9.00%, 13.4% Cash | 07/22 | 07/30 | 4545 | 4428 | 4241 | 0.4% | <sup>(7)(8)(13)</sup> |
| OAC Holdings I Corp | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.2% Cash | 03/22 | 03/29 | 3303 | 3267 | 3303 | 0.3% | <sup>(7)(8)(13)</sup> |
| OAC Holdings I Corp | Revolver | SOFR + 4.75%, 9.2% Cash | 03/22 | 03/28 | 724 | 711 | 724 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| Randys Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 11/22 | 11/29 | 12052 | 11799 | 12007 | 1.0% | <sup>(7)(8)(13)(30)</sup> |
| Randys Holdings, Inc. | Revolver | SOFR + 5.00%, 9.3% Cash | 11/22 | 11/28 | 1146 | 1111 | 1140 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| SPATCO Energy Solutions, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 07/24 | 07/30 | 7182 | 7033 | 7064 | 0.6% | <sup>(7)(8)(13)(30)</sup> |
| SPATCO Energy Solutions, LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 07/24 | 07/30 |  | (20) | (16) | —% | <sup>(7)(8)(13)(30)</sup> |
| SVI International LLC | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.0% Cash | 03/24 | 03/30 | 643 | 632 | 643 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| SVI International LLC | Revolver | SOFR + 6.75%, 11.0% Cash | 03/24 | 03/30 | 40 | 38 | 40 | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Automotive (2.5%)\*** | **Subtotal Automotive (2.5%)\*** |  |  |  | **29635** | **28999** | **29146** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Aegros Holdco 2 Ltd | Second Lien Senior Secured Term Loan | 8.50% PIK | 05/25 | 05/32 | 6291 | 5976 | 6165 | 0.5% | <sup>(3)(7)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Apus Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.7% Cash | 02/21 | 03/28 | $3948 | $3921 | $3948 | 0.3% | <sup>(3)(7)(8)(17)</sup> |
| Beyond Risk Management, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.9% Cash | 10/21 | 10/27 | 5295 | 5243 | 5295 | 0.5% | <sup>(7)(8)(13)(30)</sup> |
| Broadstone Group UK LTD | First Lien Senior Secured Term Loan | SONIA + 4.75%, 9.0% Cash | 03/25 | 02/32 | 3448 | 3078 | 3325 | 0.3% | <sup>(3)(7)(8)(17)(30)</sup> |
| Finaxy Holding | First Lien Senior Secured Term Loan | EURIBOR + 4.50%, 6.5% Cash | 11/23 | 11/30 | 4420 | 3940 | 4347 | 0.4% | <sup>(3)(7)(8)(11)</sup> |
| Groupe Guemas | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.5% Cash | 10/23 | 09/30 | 5470 | 4829 | 5406 | 0.5% | <sup>(3)(7)(8)(11)</sup> |
| Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 09/19 | 09/26 | 3555 | 3676 | 3555 | 0.3% | <sup>(3)(7)(8)(9)</sup> |
| IM Square | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.9% Cash | 05/21 | 05/28 | 2935 | 2965 | 2884 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| ORS Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 06/25 | 08/31 | 4991 | 4916 | 4916 | 0.4% | <sup>(7)(8)(13)</sup> |
| Owl Intermediate Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 04/25 | 04/32 | 7858 | 7754 | 7751 | 0.7% | <sup>(7)(8)(13)(30)</sup> |
| Owl Intermediate Holdings, LLC | Revolver | SOFR + 4.75%, 9.0% Cash | 04/25 | 04/32 | 61 | 39 | 38 | —% | <sup>(7)(8)(13)(30)</sup> |
| Policy Services Company, LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.5% Cash, 4.0% PIK | 12/21 | 06/26 | 52336 | 51613 | 51912 | 4.4% | <sup>(7)(8)(13)</sup> |
| Premium Invest | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.7% Cash | 06/21 | 12/30 | 9919 | 8897 | 9849 | 0.8% | <sup>(3)(7)(8)(10)(30)</sup> |
| Russell Investments US Institutional Holdco, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 7.8% Cash, 1.5% PIK | 04/24 | 05/27 | 522 | 493 | 511 | —% | <sup>(7)(8)(13)</sup> |
| Shelf Bidco Ltd | Second Out Term Loan | SOFR + 5.00%, 9.5% Cash | 10/24 | 10/31 | 12153 | 12097 | 12098 | 1.0% | <sup>(3)(7)(8)(13)</sup> |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 10/21 | 12/28 | 13917 | 13699 | 13689 | 1.2% | <sup>(7)(8)(13)(30)</sup> |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Revolver | SOFR + 4.75%, 9.0% Cash | 10/21 | 12/28 |  | (20) | (23) | —% | <sup>(7)(8)(13)(30)</sup> |
| THG Acquisition, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 10/24 | 10/31 | 4875 | 4809 | 4820 | 0.4% | <sup>(7)(8)(12)(30)</sup> |
| THG Acquisition, LLC | Revolver | SOFR + 4.75%, 9.0% Cash | 10/24 | 10/31 | 112 | 99 | 101 | —% | <sup>(7)(8)(12)(30)</sup> |
| Turbo Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.4% Cash | 11/21 | 06/26 | 8130 | 8111 | 7666 | 0.7% | <sup>(7)(8)(13)</sup> |
| WEST-NR ACQUISITIONCO, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.4% Cash | 08/23 | 12/27 | 10955 | 10694 | 10750 | 0.9% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (13.5%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (13.5%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (13.5%)\*** |  |  | **161191** | **156829** | **159003** |  |  |
| **Beverage, Food, & Tobacco** | **Beverage, Food, & Tobacco** |  |  |  |  |  |  |  |  |
| CTI Foods Holdings Co., LLC | First Lien Senior Secured Term Loan | SOFR + 7.86%, 12.2% Cash | 04/25 | 03/29 | 11376 | 11159 | 11376 | 1.0% | <sup>(7)(8)(13)</sup> |
| CTI Foods Holdings Co., LLC | 2024 LIFO Term Loan | SOFR + 10.00%, 14.3% PIK | 02/24 | 05/26 | 4527 | 4411 | 4527 | 0.4% | <sup>(7)(8)(13)</sup> |
| CTI Foods Holdings Co., LLC | First Out Term Loan | SOFR + 7.00%, 11.3% PIK | 02/24 | 05/26 | 832 | 832 | 832 | 0.1% | <sup>(7)(8)(13)</sup> |
| CTI Foods Holdings Co., LLC | Second Out Term Loan | SOFR + 9.00%, 13.3% PIK | 02/24 | 05/26 | 639 | 639 | 639 | 0.1% | <sup>(7)(8)(13)</sup> |
| CTI Foods Holdings Co., LLC | First Out Term Loan | SOFR + 10.00%, 14.3% PIK | 02/24 | 05/26 | 2232 | 2190 | 2232 | 0.2% | <sup>(7)(8)(13)</sup> |
| Innovad Group II BV | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.7% Cash | 04/21 | 04/28 | 7235 | 7129 | 7235 | 0.6% | <sup>(3)(7)(8)(10)</sup> |
| Innovad Group II BV | First Lien Senior Secured Term Loan | SARON + 4.75%, 4.8% Cash | 05/23 | 04/28 | 1152 | 1019 | 1152 | 0.1% | <sup>(3)(7)(8)(23)</sup> |
| Riedel Beheer B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.6% Cash | 12/21 | 12/28 | 2434 | 2269 | 2086 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| Woodland Foods, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.0% Cash | 12/21 | 12/27 | 15735 | 15521 | 15493 | 1.3% | <sup>(7)(8)(13)(30)</sup> |
| Woodland Foods, LLC | Revolver | SOFR + 5.50%, 10.0% Cash | 12/21 | 12/27 | 546 | 519 | 507 | —% | <sup>(7)(8)(13)(30)</sup> |
| ZB Holdco LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 02/22 | 02/28 | 9565 | 9430 | 9428 | 0.8% | <sup>(7)(8)(13)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ZB Holdco LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 01/25 | 01/30 | $— | $(19) | $(22) | —% | <sup>(7)(8)(13)(30)</sup> |
| ZB Holdco LLC | Revolver | SOFR + 5.75%, 10.2% Cash | 02/22 | 02/28 | 929 | 908 | 904 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Beverage, Food, & Tobacco (4.8%)\*** | **Subtotal Beverage, Food, & Tobacco (4.8%)\*** |  |  |  | **57202** | **56007** | **56389** |  |  |
| **Capital Equipment** | **Capital Equipment** |  |  |  |  |  |  |  |  |
| AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 11/23 | 11/29 | 3296 | 3254 | 3224 | 0.3% | <sup>(7)(8)(13)</sup> |
| AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.0% Cash | 11/23 | 11/29 | 3298 | 3202 | 3244 | 0.3% | <sup>(7)(8)(13)(30)</sup> |
| AirX Climate Solutions, Inc. | Revolver | SOFR + 5.75%, 10.0% Cash | 11/23 | 11/29 |  | (14) | (5) | —% | <sup>(7)(8)(13)(30)</sup> |
| APC1 Holding | First Lien Senior Secured Term Loan | EURIBOR + 5.40%, 7.4% Cash | 07/22 | 07/29 | 2700 | 2330 | 2700 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| BPG Holdings IV Corp | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.3% Cash | 03/23 | 07/29 | 14040 | 13430 | 12285 | 1.0% | <sup>(7)(8)(13)</sup> |
| Brown Machine Group Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.7% Cash | 10/18 | 10/25 | 6088 | 6084 | 5619 | 0.5% | <sup>(7)(8)(13)</sup> |
| Cobham Slip Rings SAS | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.6% Cash | 11/21 | 11/28 | 1303 | 1289 | 1272 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| DAWGS Intermediate Holdings Co. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 03/25 | 03/31 | 6803 | 6737 | 6742 | 0.6% | <sup>(7)(8)(13)</sup> |
| DAWGS Intermediate Holdings Co. | Revolver | SOFR + 4.50%, 8.8% Cash | 03/25 | 03/31 | 257 | 237 | 238 | —% | <sup>(7)(8)(13)(30)</sup> |
| Polara Enterprises, L.L.C. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.2% Cash | 12/21 | 12/27 | 951 | 942 | 951 | 0.1% | <sup>(7)(8)(12)</sup> |
| Polara Enterprises, L.L.C. | Revolver | SOFR + 4.75%, 9.2% Cash | 12/21 | 12/27 | 545 | 534 | 545 | —% | <sup>(7)(8)(12)(30)</sup> |
| Process Equipment, Inc. (ProcessBarron) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.7% Cash | 03/19 | 09/26 | 5304 | 5304 | 5177 | 0.4% | <sup>(7)(8)(14)</sup> |
| Process Insights Acquisition, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.6% Cash | 07/23 | 07/29 | 5718 | 5612 | 5285 | 0.4% | <sup>(7)(8)(13)(30)</sup> |
| Process Insights Acquisition, Inc. | Revolver | SOFR + 6.25%, 10.6% Cash | 07/23 | 07/29 | 577 | 560 | 506 | —% | <sup>(7)(8)(13)(30)</sup> |
| Rapid Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.1% Cash | 10/24 | 10/30 | 5439 | 5341 | 5342 | 0.5% | <sup>(7)(8)(13)(30)</sup> |
| Rapid Buyer LLC | Revolver | SOFR + 4.75%, 9.1% Cash | 10/24 | 10/30 |  | (17) | (17) | —% | <sup>(7)(8)(13)(30)</sup> |
| TAPCO Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.3% Cash | 11/24 | 11/30 | 13845 | 13546 | 13585 | 1.2% | <sup>(7)(8)(13)(30)</sup> |
| TAPCO Buyer LLC | Revolver | SOFR + 4.50%, 9.3% Cash | 11/24 | 11/30 |  | (39) | (35) | —% | <sup>(7)(8)(13)(30)</sup> |
| Tencarva Machinery Company, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.2% Cash | 12/21 | 12/27 | 14317 | 14039 | 14032 | 1.2% | <sup>(7)(8)(13)(30)</sup> |
| Tencarva Machinery Company, LLC | Revolver | SOFR + 4.75%, 9.2% Cash | 12/21 | 12/27 |  | (21) | (26) | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Capital Equipment (6.9%)\*** | **Subtotal Capital Equipment (6.9%)\*** |  |  |  | **84481** | **82350** | **80664** |  |  |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |
| Americo Chemical Products, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 04/23 | 04/29 | 2575 | 2534 | 2544 | 0.2% | <sup>(7)(8)(12)</sup> |
| Americo Chemical Products, LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 04/23 | 04/29 |  | (8) | (6) | —% | <sup>(7)(8)(12)(30)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | EURIBOR + 5.33%, 7.5% Cash | 11/21 | 10/28 | 3429 | 3197 | 3412 | 0.3% | <sup>(3)(7)(8)(10)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | EURIBOR + 5.33%, 8.0% Cash | 04/22 | 10/28 | 2836 | 2544 | 2821 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | SOFR + 5.33%, 9.9% Cash | 06/22 | 10/28 | 1019 | 1019 | 1013 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| Aptus 1829. GmbH | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.8% Cash | 09/21 | 09/27 | 2525 | 2489 | 2333 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| Aptus 1829. GmbH | First Lien Senior Secured Term Loan | EURIBOR + 8.00%, 10.1% Cash | 05/25 | 09/27 | 1340 | 1252 | 1238 | 0.1% | <sup>(3)(7)(8)(10)</sup> |
| Polymer Solutions Group Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 7.00%, 11.4% PIK | 02/22 | 10/25 | 993 | 993 | 421 | —% | <sup>(7)(8)(12)(26)(28)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (1.2%)\*** | **Subtotal Chemicals, Plastics, & Rubber (1.2%)\*** | **Subtotal Chemicals, Plastics, & Rubber (1.2%)\*** |  |  | **14717** | **14020** | **13776** |  |  |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Construction & Building** | **Construction & Building** | | | | | | | | |
| BKF Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 08/24 | 08/30 | $8118 | $7998 | $8001 | 0.7% | <sup>(7)(8)(12)</sup> |
| BKF Buyer, Inc. | Revolver | SOFR + 5.00%, 9.3% Cash | 08/24 | 08/30 |  | (42) | (42) | —% | <sup>(7)(8)(12)(30)</sup> |
| EMI Porta Holdco LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 12/21 | 12/27 | 12095 | 11983 | 11285 | 1.0% | <sup>(7)(8)(13)</sup> |
| EMI Porta Holdco LLC | Revolver | SOFR + 5.75%, 10.2% Cash | 12/21 | 12/27 | 119 | 94 | (80) | —% | <sup>(7)(8)(12)(30)</sup> |
| Lockmasters Security Intermediate, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 05/25 | 09/27 | 9433 | 9348 | 9342 | 0.8% | <sup>(7)(8)(13)(30)</sup> |
| Lockmasters Security Intermediate, Inc. | Revolver | SOFR + 4.50%, 8.8% Cash | 05/25 | 09/27 | 87 | 80 | 80 | —% | <sup>(7)(8)(12)(30)</sup> |
| MNS Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.4% Cash | 08/21 | 08/27 | 581 | 576 | 581 | —% | <sup>(7)(8)(12)</sup> |
| Ocelot Holdco LLC | Super Senior Takeback Loan | 10.0% Cash | 10/23 | 10/27 | 549 | 549 | 549 | —% | <sup>(7)</sup> |
| Ocelot Holdco LLC | Takeback Term Loan | 10.0% Cash | 10/23 | 10/27 | 2933 | 2933 | 2933 | 0.2% | <sup>(7)</sup> |
| **Subtotal Construction & Building (2.8%)\*** | **Subtotal Construction & Building (2.8%)\*** |  |  |  | **33915** | **33519** | **32649** |  |  |
| **Consumer goods: Durable** | **Consumer goods: Durable** |  |  |  |  |  |  |  |  |
| DecksDirect, LLC | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.7% Cash, 0.3% PIK | 12/21 | 12/28 | 1531 | 1516 | 1167 | 0.1% | <sup>(7)(8)(13)</sup> |
| DecksDirect, LLC | Revolver | SOFR + 6.50%, 10.7% Cash | 12/21 | 12/28 | 21 | 18 | (69) | —% | <sup>(7)(8)(13)(30)</sup> |
| Gojo Industries, Inc. | First Lien Senior Secured Term Loan | SOFR + 9.50%, 13.8% Cash | 10/23 | 10/28 | 12677 | 12409 | 12676 | 1.1% | <sup>(7)(8)(12)</sup> |
| HTI Technology & Industries | First Lien Senior Secured Term Loan | SOFR + 8.50%, 13.0% Cash | 07/22 | 01/26 | 11091 | 11089 | 10197 | 0.9% | <sup>(7)(8)(14)(30)</sup> |
| HTI Technology & Industries | Revolver | SOFR + 8.50%, 13.0% Cash | 07/22 | 01/26 |  |  | (93) | —% | <sup>(7)(8)(14)(30)</sup> |
| Lifestyle Intermediate II, LLC | First Lien Senior Secured Term Loan | SOFR + 7.00%, 11.6% Cash | 02/22 | 01/26 | 2911 | 2911 | 2721 | 0.2% | <sup>(7)(8)(13)(28)</sup> |
| Momentum Textiles, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 03/25 | 03/30 | 7309 | 7241 | 7243 | 0.6% | <sup>(7)(8)(13)</sup> |
| Momentum Textiles, LLC | Revolver | SOFR + 5.50%, 9.8% Cash | 03/25 | 03/30 |  | (9) | (8) | —% | <sup>(7)(8)(13)(30)</sup> |
| Renovation Parent Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.9% Cash | 11/21 | 11/27 | 4684 | 4637 | 4389 | 0.4% | <sup>(7)(8)(13)</sup> |
| Team Air Distributing, LLC | Subordinated Term Loan | 14.0% Cash | 05/23 | 05/28 | 752 | 740 | 740 | 0.1% | <sup>(7)</sup> |
| Terrybear, Inc. | Subordinated Term Loan | 10.0% Cash, 4.0% PIK | 04/22 | 04/28 | 291 | 288 | 264 | —% | <sup>(7)</sup> |
| Victoria Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 11.2% Cash | 03/22 | 09/30 | 4272 | 4090 | 4071 | 0.3% | <sup>(3)(7)(8)(17)</sup> |
| **Subtotal Consumer goods: Durable (3.7%)\*** | **Subtotal Consumer goods: Durable (3.7%)\*** |  |  |  | **45539** | **44930** | **43298** |  |  |
| **Consumer goods: Non-durable** | **Consumer goods: Non-durable** |  |  |  |  |  |  |  |  |
| Bidwax | First Lien Senior Secured Term Loan | EURIBOR + 6.40%, 8.3% Cash | 02/21 | 02/28 | 8217 | 8164 | 8118 | 0.7% | <sup>(3)(7)(8)(11)</sup> |
| CCFF Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 02/24 | 02/30 | 5900 | 5786 | 5819 | 0.5% | <sup>(7)(8)(14)(30)</sup> |
| CCFF Buyer, LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 02/24 | 02/30 |  | (16) | (12) | —% | <sup>(7)(8)(14)(30)</sup> |
| David Wood Baking UK Ltd | First Lien Senior Secured Term Loan | SONIA + 10.00%, 14.2% Cash | 04/24 | 04/29 | 942 | 823 | 890 | 0.1% | <sup>(3)(7)(8)(17)</sup> |
| Herbalife Ltd. | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.1% Cash | 04/24 | 04/29 | 3248 | 3072 | 3285 | 0.3% | <sup>(3)(8)(12)</sup> |
| Ice House America, L.L.C. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.8% Cash | 01/24 | 01/30 | 4577 | 4491 | 4399 | 0.4% | <sup>(7)(8)(13)(30)</sup> |
| Ice House America, L.L.C. | Revolver | SOFR + 6.00%, 9.8% Cash | 01/24 | 01/30 | 387 | 381 | 373 | —% | <sup>(7)(8)(13)(30)</sup> |
| Isagenix International, LLC | First Lien Senior Secured Term Loan | SOFR + 7.50%, 11.9% Cash | 04/23 | 04/28 | 954 | 736 | 118 | —% | <sup>(7)(8)(13)(28)</sup> |
| Modern Star Holdings Bidco Pty Limited | First Lien Senior Secured Term Loan | BBSY + 6.00%, 9.6% Cash | 12/20 | 12/26 | 7292 | 8146 | 7292 | 0.6% | <sup>(3)(7)(8)(18)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Safety Products Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 12/20 | 12/26 | $14735 | $14663 | $14735 | 1.3% | <sup>(7)(8)(13)</sup> |
| **Subtotal Consumer goods: Non-durable (3.8%)\*** | **Subtotal Consumer goods: Non-durable (3.8%)\*** | **Subtotal Consumer goods: Non-durable (3.8%)\*** |  |  | **46252** | **46246** | **45017** |  |  |
| **Containers, Packaging, & Glass** | **Containers, Packaging, & Glass** |  |  |  |  |  |  |  |  |
| Brook & Whittle Holding Corp. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 8.5% Cash | 02/22 | 12/28 | 2751 | 2732 | 1957 | 0.2% | <sup>(8)(14)(28)</sup> |
| Diversified Packaging Holdings LLC | Second Lien Senior Secured Term Loan | 11.0% Cash, 1.5% PIK | 06/24 | 06/29 | 812 | 798 | 798 | 0.1% | <sup>(7)</sup> |
| Five Star Holding LLC | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 11.6% Cash | 05/22 | 05/30 | 13692 | 13506 | 13595 | 1.2% | <sup>(7)(8)(13)</sup> |
| Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 09/24 | 09/30 | 1771 | 1748 | 1751 | 0.1% | <sup>(7)(8)(13)</sup> |
| Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan | SONIA + 4.50%, 8.7% Cash | 09/24 | 09/30 | 3763 | 3634 | 3720 | 0.3% | <sup>(7)(8)(15)</sup> |
| Media Recovery, Inc. (SpotSee) | Revolver | SOFR + 4.50%, 8.8% Cash | 09/24 | 09/30 | 244 | 236 | 237 | —% | <sup>(7)(8)(13)(30)</sup> |
| Media Recovery, Inc. (SpotSee) | Revolver | SONIA + 4.50%, 8.7% Cash | 09/24 | 09/30 |  | (11) | (9) | —% | <sup>(7)(8)(15)(30)</sup> |
| MSI Express Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 03/25 | 03/31 | 5558 | 5474 | 5478 | 0.5% | <sup>(7)(8)(13)(30)</sup> |
| MSI Express Inc. | Revolver | SOFR + 3.75%, 8.1% Cash | 03/25 | 03/31 | 656 | 626 | 627 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| OG III B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.40%, 7.4% Cash | 06/21 | 06/28 | 2302 | 2347 | 2233 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| OG III B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.5% Cash | 06/21 | 06/28 | 1416 | 1354 | 1373 | 0.1% | <sup>(3)(7)(8)(10)</sup> |
| Tank Holding Corp | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 03/22 | 03/28 | 7882 | 7788 | 7787 | 0.7% | <sup>(7)(8)(12)</sup> |
| Tank Holding Corp | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.4% Cash | 05/23 | 03/28 | 3024 | 2968 | 2994 | 0.3% | <sup>(7)(8)(12)</sup> |
| Tank Holding Corp | Revolver | SOFR + 5.75%, 10.2% Cash | 03/22 | 03/28 |  | (9) | (10) | —% | <sup>(7)(8)(12)(30)</sup> |
| **Subtotal Containers, Packaging, & Glass (3.6%)\*** | **Subtotal Containers, Packaging, & Glass (3.6%)\*** | **Subtotal Containers, Packaging, & Glass (3.6%)\*** |  |  | **43871** | **43191** | **42531** |  |  |
| **Energy: Electricity** | **Energy: Electricity** |  |  |  |  |  |  |  |  |
| WWEC Holdings III Corp | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.5% Cash | 10/22 | 10/28 | 12159 | 11990 | 12003 | 1.0% | <sup>(7)(8)(13)</sup> |
| WWEC Holdings III Corp | Revolver | SOFR + 5.25%, 9.5% Cash | 10/22 | 10/28 |  | (34) | (32) | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Energy: Electricity (1.0%)\*** | **Subtotal Energy: Electricity (1.0%)\*** |  |  |  | **12159** | **11956** | **11971** |  |  |
| **Environmental Industries** | **Environmental Industries** |  |  |  |  |  |  |  |  |
| Bridger Aerospace Group Holdings, LLC | Municipal Revenue Bond | 11.5% Cash | 07/22 | 09/27 | 27200 | 27200 | 28013 | 2.4% |  |
| Entact Environmental Services, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.0% Cash | 02/21 | 01/27 | 6420 | 6400 | 6369 | 0.5% | <sup>(7)(8)(13)</sup> |
| Northstar Recycling, LLC | First Lien Senior Secured Term Loan | SOFR + 4.65%, 9.0% Cash | 12/24 | 12/30 | 8364 | 8222 | 8237 | 0.7% | <sup>(7)(8)(13)(30)</sup> |
| Northstar Recycling, LLC | Revolver | SOFR + 4.65%, 9.0% Cash | 12/24 | 12/30 |  | (40) | (35) | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Environmental Industries (3.6%)\*** | **Subtotal Environmental Industries (3.6%)\*** |  |  |  | **41984** | **41782** | **42584** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| A.T. Holdings II LTD | First Lien Senior Secured Term Loan | 6.7% Cash, 7.6% PIK | 11/22 | 09/29 | 13461 | 11875 | 7902 | 0.7% | <sup>(3)(7)(31)</sup> |
| Aldinger Company | Second Lien Senior Secured Term Loan | 13.5% Cash | 04/25 | 03/30 | 1444 | 1343 | 1343 | 0.1% | <sup>(7)(30)</sup> |
| Amalfi Midco | Second Lien Senior Secured Term Loan | 15.5% PIK | 09/22 | 10/28 | 342 | 325 | 341 | —% | <sup>(3)(7)</sup> |
| Amalfi Midco | Subordinated Loan Notes | 2.0% Cash, 9.0% PIK | 09/22 | 09/28 | 6798 | 5696 | 6350 | 0.5% | <sup>(3)(7)</sup> |
| Astra Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.9% Cash | 11/21 | 11/28 | 449 | 408 | 449 | —% | <sup>(3)(7)(8)(10)</sup> |
| Astra Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.75%, 10.0% Cash | 11/21 | 11/28 | 2653 | 2523 | 2653 | 0.2% | <sup>(3)(7)(8)(17)</sup> |
| Avance Clinical Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 4.50%, 8.2% Cash | 11/21 | 11/27 | 1581 | 1675 | 1581 | 0.1% | <sup>(3)(7)(8)(19)(30)</sup> |
| Canadian Orthodontic Partners Corp. | First Lien Senior Secured Term Loan | CORRA + 7.0%, 10.3% PIK | 06/21 | 12/26 | 1670 | 1860 | 242 | —% | <sup>(3)(7)(8)(20)(26)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Canadian Orthodontic Partners Corp. | Super Senior Secured Term Loan | 15.0% PIK | 04/24 | 12/26 | $87 | $83 | $253 | —% | <sup>(3)(7)(30)</sup> |
| Ceres Pharma NV | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.1% Cash | 10/21 | 10/28 | 3634 | 3299 | 3565 | 0.3% | <sup>(3)(7)(8)(11)</sup> |
| Ceres Pharma NV | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.1% Cash | 05/25 | 05/30 | 160 | 143 | 160 | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| Coherus Biosciences, Inc. | First Lien Senior Secured Term Loan | SOFR + 8.00%, 12.3% Cash | 05/24 | 05/29 | 3991 | 3892 | 3907 | 0.3% | <sup>(7)(8)(13)</sup> |
| EB Development | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.9% Cash | 11/24 | 11/31 | 2066 | 1787 | 2005 | 0.2% | <sup>(3)(7)(8)(10)(30)</sup> |
| Faraday | First Lien Senior Secured Term Loan | EURIBOR + 5.85%, 7.8% Cash | 01/23 | 01/29 | 1788 | 1628 | 1778 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| Finexvet | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.0% Cash | 03/22 | 03/29 | 5311 | 4882 | 4998 | 0.4% | <sup>(3)(7)(8)(11)</sup> |
| Forest Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 03/24 | 03/30 | 6103 | 6025 | 6060 | 0.5% | <sup>(7)(8)(13)</sup> |
| Forest Buyer, LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 03/24 | 03/30 |  | (6) | (2) | —% | <sup>(7)(8)(13)(30)</sup> |
| GCDL LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.4% Cash | 08/24 | 08/30 | 536 | 528 | 528 | —% | <sup>(7)(8)(13)(30)</sup> |
| GCDL LLC | Revolver | SOFR + 6.00%, 10.4% Cash | 08/24 | 08/30 |  | (1) | (1) | —% | <sup>(7)(8)(13)(30)</sup> |
| GPNZ II GmbH | First Lien Senior Secured Term Loan | 10.0% PIK | 06/22 | 06/29 | 380 | 355 | 380 | —% | <sup>(3)(7)(30)</sup> |
| GPNZ II GmbH | First Lien Senior Secured Term Loan | 10.0% PIK | 11/24 | 02/30 | 98 | 89 | 98 | —% | <sup>(3)(7)</sup> |
| GPNZ II GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.9% PIK | 06/22 | 06/29 | 505 | 446 | 81 | —% | <sup>(3)(7)(8)(9)(26)</sup> |
| Groupe Product Life | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 9.8% Cash | 10/22 | 10/29 | 267 | 117 | 128 | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| Groupe Product Life | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 9.8% Cash | 05/25 | 05/30 | 884 | 854 | 866 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |
| HeartHealth Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.25%, 8.9% Cash | 09/22 | 09/28 | 734 | 706 | 623 | 0.1% | <sup>(3)(7)(8)(19)(30)</sup> |
| Heartland Veterinary Partners, LLC | Subordinated Term Loan | 11.0% PIK | 11/21 | 12/28 | 14785 | 14644 | 13675 | 1.2% | <sup>(7)</sup> |
| HemaSource, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.1% Cash | 08/23 | 08/29 | 6739 | 6610 | 6739 | 0.6% | <sup>(7)(8)(12)</sup> |
| HemaSource, Inc. | Revolver | SOFR + 4.75%, 9.1% Cash | 08/23 | 08/29 |  | (32) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| Home Care Assistance, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.4% Cash, 3.0% PIK | 03/21 | 09/27 | 3696 | 3674 | 3330 | 0.3% | <sup>(7)(8)(13)</sup> |
| ISTO Technologies II, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 10/23 | 10/28 | 6684 | 6572 | 6664 | 0.6% | <sup>(7)(8)(13)</sup> |
| ISTO Technologies II, LLC | Revolver | SOFR + 4.75%, 9.0% Cash | 10/23 | 10/28 |  | (12) | (2) | —% | <sup>(7)(8)(13)(30)</sup> |
| Jon Bidco Limited | First Lien Senior Secured Term Loan | BKBM + 4.00%, 7.5% Cash | 03/22 | 03/27 | 4031 | 4330 | 4031 | 0.3% | <sup>(3)(7)(8)(22)(30)</sup> |
| Keystone Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.2% Cash | 08/24 | 08/31 | 931 | 859 | 915 | 0.1% | <sup>(3)(7)(8)(11)(30)</sup> |
| Keystone Bidco B.V. | Revolver | EURIBOR + 5.25%, 7.2% Cash | 08/24 | 05/31 | 11 | 8 | 10 | —% | <sup>(3)(7)(8)(11)(30)</sup> |
| Kline Hill Partners LP | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 06/25 | 05/32 | 2065 | 2045 | 2022 | 0.2% | <sup>(7)(8)(13)(30)</sup> |
| Kline Hill Partners LP | Revolver | SOFR + 4.50%, 8.8% Cash | 06/25 | 05/32 |  | (9) | (9) | —% | <sup>(7)(8)(13)(30)</sup> |
| Kline Hill Partners LP | Subordinated Term Loan | 12.5% Cash | 06/25 | 11/32 | 2245 | 2217 | 2217 | 0.2% | <sup>(7)(30)</sup> |
| Lambir Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.0% Cash | 12/21 | 12/28 | 2424 | 2269 | 2295 | 0.2% | <sup>(3)(7)(8)(11)(30)</sup> |
| Lambir Bidco Limited | Second Lien Senior Secured Term Loan | 12.0% PIK | 12/21 | 06/29 | 2214 | 2075 | 2050 | 0.2% | <sup>(3)(7)</sup> |
| Median B.V. | First Lien Senior Secured Term Loan | SONIA + 5.93%, 10.3% Cash | 02/22 | 10/27 | 10209 | 9938 | 9910 | 0.8% | <sup>(3)(8)(16)</sup> |
| Medical Solutions Parent Holdings, Inc. | Second Lien Senior Secured Term Loan | SOFR + 7.00%, 11.4% Cash | 11/21 | 11/29 | 4421 | 4396 | 1864 | 0.2% | <sup>(8)(13)</sup> |
| Moonlight Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.5% Cash | 07/23 | 07/30 | 2036 | 1889 | 2036 | 0.2% | <sup>(3)(7)(8)(16)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Napa Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 8.8% Cash | 03/22 | 03/28 | $13188 | $14292 | $13187 | 1.1% | <sup>(3)(7)(8)(19)</sup> |
| Navia Benefit Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.9% Cash | 02/21 | 02/29 | 5543 | 5502 | 5543 | 0.5% | <sup>(7)(8)(12)</sup> |
| NPM Investments 28 B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 09/22 | 10/29 | 2137 | 1745 | 2131 | 0.2% | <sup>(3)(7)(8)(10)(30)</sup> |
| Ocular Therapeutix, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.1% Cash | 08/23 | 07/29 | 3930 | 3840 | 4798 | 0.4% | <sup>(3)(7)(8)(12)</sup> |
| Oracle Vision Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.00%, 9.2% Cash | 06/21 | 06/28 | 3136 | 3181 | 3083 | 0.3% | <sup>(3)(7)(8)(17)</sup> |
| Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.2% Cash | 12/19 | 12/26 | 2898 | 2737 | 2898 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.7% Cash | 11/22 | 12/26 | 1500 | 1500 | 1500 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 8.25%, 12.5% Cash | 10/23 | 10/29 | 29 | 29 | 29 | —% | <sup>(7)(8)(12)</sup> |
| Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 8.30%, 12.6% Cash | 10/23 | 10/29 | 595 | 586 | 593 | 0.1% | <sup>(7)(8)(12)</sup> |
| Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.3% Cash | 06/22 | 07/29 | 4357 | 3731 | 4235 | 0.4% | <sup>(3)(7)(8)(11)(30)</sup> |
| Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan | SARON + 5.00%, 5.2% Cash | 06/22 | 07/29 | 3306 | 2783 | 3250 | 0.3% | <sup>(3)(7)(8)(24)</sup> |
| SCP Medical Products, LLC. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 06/25 | 06/31 | 4539 | 4483 | 4483 | 0.4% | <sup>(7)(8)(13)</sup> |
| SCP Medical Products, LLC. | Revolver | SOFR + 4.75%, 9.0% Cash | 06/25 | 06/31 |  | (5) | (5) | 0.4% | <sup>(7)(8)(13)(30)</sup> |
| Smile Brands Group Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.4% Cash | 10/18 | 10/27 | 5300 | 5280 | 4558 | 0.4% | <sup>(7)(8)(13)</sup> |
| SSCP Pegasus Midco Limited | First Lien Senior Secured Term Loan | SONIA + 6.00%, 10.3% Cash | 12/20 | 11/27 | 6673 | 6226 | 6673 | 0.6% | <sup>(3)(7)(8)(16)(30)</sup> |
| SSCP Spring Bidco 3 Limited | First Lien Senior Secured Term Loan | SONIA + 6.45%, 10.6% Cash | 11/23 | 08/30 | 1050 | 937 | 1035 | 0.1% | <sup>(3)(7)(8)(17)</sup> |
| Swoop Intermediate III, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 04/25 | 04/32 | 7727 | 7677 | 7662 | 0.1% | <sup>(7)(8)(12)(30)</sup> |
| Swoop Intermediate III, Inc. | Revolver | SOFR + 4.50%, 8.8% Cash | 04/25 | 04/32 |  | (9) | (9) | 0.1% | <sup>(7)(8)(12)(30)</sup> |
| Union Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 4.59%, 9.3% Cash | 06/22 | 06/29 | 1087 | 956 | 1087 | 0.1% | <sup>(3)(7)(8)(16)(30)</sup> |
| United Therapy Holding III GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 8.8% Cash | 04/22 | 03/29 | 2101 | 1884 | 1534 | 0.1% | <sup>(3)(7)(8)(11)(30)</sup> |
| Unither (Uniholding) | First Lien Senior Secured Term Loan | EURIBOR + 4.95%, 6.9% Cash | 03/23 | 03/30 | 2225 | 1970 | 2225 | 0.2% | <sup>(3)(7)(8)(10)(30)</sup> |
| Unosquare, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.1% Cash | 06/25 | 06/31 | 6173 | 6039 | 6039 | 0.5% | <sup>(7)(8)(12)(30)</sup> |
| Unosquare, LLC | Revolver | SOFR + 4.75%, 9.1% Cash | 06/25 | 06/31 |  | (20) | (20) | —% | <sup>(7)(8)(12)(30)</sup> |
| VB Spine Intermediary II LLC | First Lien Senior Secured Term Loan | SOFR + 8.50%, 12.8% Cash | 03/25 | 04/30 | 45341 | 43614 | 43527 | 3.7% | <sup>(7)(8)(13)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (19.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (19.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (19.1%)\*** |  |  | **240268** | **230963** | **224071** |  |  |
| **High Tech Industries** | **High Tech Industries** |  |  |  |  |  |  |  |  |
| 1WorldSync, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.2% Cash | 07/19 | 10/25 | 7030 | 7028 | 7030 | 0.6% | <sup>(7)(8)(12)</sup> |
| Alpine SG, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.9% Cash | 02/22 | 11/27 | 12775 | 12522 | 12775 | 1.1% | <sup>(7)(8)(13)(28)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.3% Cash, 3.3% PIK | 07/22 | 07/29 | 2186 | 1909 | 2036 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 4.00%, 8.3% Cash, 3.3% PIK | 07/22 | 07/29 | 138 | 136 | 129 | —% | <sup>(3)(7)(8)(14)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 4.00%, 8.5% Cash, 3.3% PIK | 07/22 | 07/29 | 1911 | 1628 | 1752 | 0.1% | <sup>(3)(7)(8)(17)(30)</sup> |
| Argus Bidco Limited | Second Lien Senior Secured Term Loan | 10.5% PIK | 07/22 | 07/29 | 981 | 863 | 889 | 0.1% | <sup>(3)(7)</sup> |
| CAi Software, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 12/21 | 12/28 | 12466 | 12306 | 12466 | 1.1% | <sup>(7)(8)(13)</sup> |
| CAi Software, LLC | Revolver | SOFR + 5.00%, 9.6% Cash | 12/21 | 12/28 | 1261 | 1229 | 1261 | 0.1% | <sup>(7)(8)(13)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| CH Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.5% Cash | 05/25 | 05/31 | $877 | $862 | $861 | 0.1% | <sup>(7)(8)(12)</sup> |
| CH Buyer, LLC | Revolver | SOFR + 6.25%, 10.5% Cash | 05/25 | 05/31 |  | (1) | (1) | —% | <sup>(7)(8)(12)(30)</sup> |
| Contabo Finco<br>S.À R.L | First Lien Senior Secured Term Loan | EURIBOR + 5.15%, 7.3% Cash | 10/22 | 10/29 | 5466 | 4564 | 5466 | 0.5% | <sup>(3)(7)(8)(10)</sup> |
| CW Group Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.9% Cash | 01/21 | 01/27 | 5200 | 5085 | 5073 | 0.4% | <sup>(7)(8)(13)(30)</sup> |
| Discovery Buyer, L.P. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 02/25 | 02/32 | 12508 | 12275 | 12293 | 1.0% | <sup>(7)(8)(13)(30)</sup> |
| Discovery Buyer, L.P. | Revolver | SOFR + 5.00%, 9.3% Cash | 02/25 | 02/32 |  | (21) | (20) | —% | <sup>(7)(8)(13)(30)</sup> |
| Dwyer Instruments, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 07/21 | 07/29 | 14517 | 14340 | 14459 | 1.2% | <sup>(7)(8)(13)</sup> |
| Electrical Components International, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.8% Cash | 05/24 | 05/29 | 10558 | 10384 | 10380 | 0.9% | <sup>(7)(8)(13)(30)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.4% PIK | 12/22 | 12/29 | 1868 | 1561 | 742 | 0.1% | <sup>(3)(7)(8)(11)(26)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | SOFR + 7.00%, 12.4% PIK | 12/22 | 12/29 | 902 | 833 | 358 | —% | <sup>(3)(7)(8)(13)(26)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | SONIA + 7.00%, 12.4% PIK | 12/22 | 12/29 | 2892 | 2407 | 1148 | 0.1% | <sup>(3)(7)(8)(17)(26)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | Senior Subordinated Term Loan | 11.5% PIK | 12/22 | 12/30 | 839 | 642 |  | —% | <sup>(3)(7)(26)</sup> |
| EZ SMBO Bidco | First Lien Senior Secured Term Loan | 8.0% PIK | 04/25 | 04/32 | 683 | 626 | 672 | 0.1% | <sup>(3)(7)</sup> |
| EZ SMBO Bidco | First Lien Senior Secured Term Loan | CORRA + 5.00%, 10.0% Cash | 04/25 | 04/32 | 259 | 245 | 255 | —% | <sup>(3)(7)(8)(20)</sup> |
| EZ SMBO Bidco | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 04/25 | 04/32 | 575 | 509 | 546 | —% | <sup>(3)(7)(8)(10)</sup> |
| FSS Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 04/25 | 08/31 | 9384 | 9384 | 9384 | 0.8% | <sup>(7)(8)(13)</sup> |
| Graphpad Software, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 06/24 | 06/31 | 9463 | 9414 | 9463 | 0.8% | <sup>(7)(8)(13)(30)</sup> |
| Graphpad Software, LLC | Revolver | SOFR + 4.75%, 9.0% Cash | 06/24 | 06/31 |  | (4) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| Haystack Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.8% Cash | 01/25 | 01/28 | 6621 | 6529 | 6529 | 0.6% | <sup>(7)(8)(14)(30)</sup> |
| Haystack Holdings LLC | Revolver | SOFR + 4.75%, 8.8% Cash | 01/25 | 01/28 |  | (12) | (12) | —% | <sup>(7)(8)(14)(30)</sup> |
| Heavy Construction Systems Specialists, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 11/21 | 11/28 | 7184 | 7120 | 7184 | 0.6% | <sup>(7)(8)(13)</sup> |
| Heavy Construction Systems Specialists, LLC | Revolver | SOFR + 5.50%, 9.8% Cash | 11/21 | 11/27 |  | (21) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| HW Holdco, LLC (Hanley Wood LLC) | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 12/18 | 05/26 | 10831 | 10815 | 10831 | 0.9% | <sup>(7)(8)(13)</sup> |
| Ivanti Software Inc | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.1% Cash | 05/25 | 06/29 | 913 | 868 | 939 | 0.1% | <sup>(8)(13)(28)</sup> |
| Ivanti Software Inc | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 11.8% Cash | 02/22 | 06/29 | 6060 | 6049 | 3636 | 0.3% | <sup>(7)(8)(13)(28)</sup> |
| Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.1% Cash | 05/22 | 05/29 | 738 | 726 | 738 | 0.1% | <sup>(3)(7)(8)(13)(30)</sup> |
| Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.50%, 9.7% Cash | 05/22 | 05/29 | 158 | 155 | 158 | —% | <sup>(3)(7)(8)(17)</sup> |
| Lattice Group Holdings Bidco Limited | Revolver | SOFR + 5.50%, 10.1% Cash | 05/22 | 11/28 | 35 | 35 | 35 | —% | <sup>(3)(7)(8)(13)</sup> |
| NAW Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 09/23 | 09/29 | 11790 | 11462 | 11790 | 1.0% | <sup>(7)(8)(13)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| NAW Buyer LLC | Revolver | SOFR + 5.50%, 9.8% Cash | 09/23 | 09/29 | $— | $(33) | $— | —% | <sup>(7)(8)(13)(30)</sup> |
| NeoxCo | First Lien Senior Secured Term Loan | EURIBOR + 6.35%, 8.9% Cash | 01/23 | 01/30 | 2807 | 2530 | 2807 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| Next Holdco, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.6% Cash | 11/23 | 11/30 | 22263 | 22008 | 22098 | 1.9% | <sup>(7)(8)(13)(30)</sup> |
| Next Holdco, LLC | Revolver | SOFR + 5.25%, 9.6% Cash | 11/23 | 11/29 |  | (8) | (5) | —% | <sup>(7)(8)(13)(30)</sup> |
| ORTEC INTERNATIONAL NEWCO B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 12/23 | 12/30 | 1073 | 977 | 1073 | 0.1% | <sup>(3)(7)(8)(10)</sup> |
| OSP Hamilton Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 12/21 | 12/29 | 15474 | 15254 | 15291 | 1.3% | <sup>(7)(8)(13)(30)</sup> |
| OSP Hamilton Purchaser, LLC | Revolver | SOFR + 4.75%, 9.0% Cash | 12/21 | 12/29 | 666 | 651 | 654 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| PDQ.Com Corporation | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 08/21 | 08/27 | 14902 | 14744 | 14731 | 1.3% | <sup>(7)(8)(13)(30)</sup> |
| PowerGEM Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 11/24 | 11/29 | 9002 | 8954 | 8909 | 0.8% | <sup>(7)(8)(13)(30)</sup> |
| PowerGEM Buyer, Inc. | Revolver | SOFR + 5.00%, 9.3% Cash | 11/24 | 11/29 |  | (23) | (20) | —% | <sup>(7)(8)(13)(30)</sup> |
| ProfitOptics, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 03/22 | 03/28 | 1604 | 1589 | 1604 | 0.1% | <sup>(7)(8)(12)</sup> |
| ProfitOptics, LLC | Revolver | SOFR + 5.75%, 10.2% Cash | 03/22 | 03/28 | 177 | 173 | 177 | —% | <sup>(7)(8)(12)(30)</sup> |
| ProfitOptics, LLC | Senior Subordinated Term Loan | 8.0% Cash | 03/22 | 03/29 | 81 | 81 | 77 | —% | <sup>(7)</sup> |
| Pro-Vision Solutions Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 09/24 | 09/30 | 7729 | 7627 | 7642 | 0.6% | <sup>(7)(8)(12)</sup> |
| Pro-Vision Solutions Holdings, LLC | Revolver | SOFR + 4.50%, 8.8% Cash | 09/24 | 09/30 | 249 | 223 | 226 | —% | <sup>(7)(8)(12)(30)</sup> |
| PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.9% Cash | 05/22 | 05/29 | 959 | 848 | 943 | 0.1% | <sup>(3)(7)(8)(10)</sup> |
| PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 05/22 | 05/29 | 1411 | 1396 | 1391 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| RA Outdoors, LLC | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.3% PIK | 02/22 | 04/26 | 14544 | 14286 | 8799 | 0.7% | <sup>(7)(8)(14)(28)</sup> |
| RA Outdoors, LLC | Revolver | SOFR + 6.75%, 11.3% PIK | 02/22 | 04/26 | 1391 | 1391 | 841 | 0.1% | <sup>(7)(8)(14)(28)</sup> |
| Saab Purchaser, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 11/24 | 11/31 | 8897 | 8770 | 8789 | 0.7% | <sup>(7)(8)(13)(30)</sup> |
| Saab Purchaser, Inc. | Revolver | SOFR + 5.00%, 9.3% Cash | 11/24 | 11/31 | 532 | 510 | 513 | —% | <sup>(7)(8)(13)(30)</sup> |
| Scout Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.8% Cash | 05/22 | 05/29 | 3750 | 3367 | 3563 | 0.3% | <sup>(3)(7)(8)(11)</sup> |
| Scout Bidco B.V. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.0% Cash | 08/23 | 05/29 | 443 | 443 | 421 | —% | <sup>(3)(7)(8)(14)</sup> |
| Scout Bidco B.V. | Revolver | EURIBOR + 5.75%, 7.8% Cash | 05/22 | 05/29 | 453 | 441 | 397 | —% | <sup>(3)(7)(8)(11)(30)</sup> |
| Sinari Invest | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.5% Cash | 07/23 | 07/30 | 2145 | 1947 | 2139 | 0.2% | <sup>(3)(7)(8)(10)(30)</sup> |
| Smartling, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.9% Cash | 11/21 | 11/27 | 10383 | 10292 | 10383 | 0.9% | <sup>(7)(8)(14)</sup> |
| Smartling, Inc. | Revolver | SOFR + 4.50%, 8.9% Cash | 11/21 | 11/27 |  | (9) |  | —% | <sup>(7)(8)(14)(30)</sup> |
| Sonicwall US Holdings Inc | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 06/25 | 06/28 | 2887 | 2829 | 2836 | 0.2% | <sup>(8)(13)</sup> |
| Vision Solutions Inc. | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 11.8% Cash | 02/22 | 04/29 | 6500 | 6497 | 5988 | 0.5% | <sup>(8)(13)(28)</sup> |
| White Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 10/23 | 10/30 | 1749 | 1699 | 1742 | 0.1% | <sup>(3)(7)(8)(13)(30)</sup> |
| **Subtotal High Tech Industries (23.4%)\*** | **Subtotal High Tech Industries (23.4%)\*** |  |  |  | **291140** | **283906** | **275254** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Aquavista Watersides 2 LTD | First Lien Senior Secured Term Loan | SONIA + 6.00%, 10.2% Cash | 12/21 | 12/28 | 6908 | 6548 | 6908 | 0.6% | <sup>(3)(7)(8)(17)</sup> |
| Aquavista Watersides 2 LTD | Second Lien Senior Secured Term Loan | SONIA + 10.50%, 15.6% PIK | 12/21 | 12/28 | 2496 | 2365 | 2496 | 0.2% | <sup>(3)(7)(8)(17)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Featherstone Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.00%, 10.2% Cash | 05/25 | 05/31 | $7181 | $6893 | $6984 | 0.2% | <sup>(3)(7)(8)(16)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (1.4%)\*** | **Subtotal Hotel, Gaming, & Leisure (1.4%)\*** | **Subtotal Hotel, Gaming, & Leisure (1.4%)\*** | **Subtotal Hotel, Gaming, & Leisure (1.4%)\*** |  | **16585** | **15806** | **16388** |  |  |
| **Media: Advertising, Printing, & Publishing** | **Media: Advertising, Printing, & Publishing** |  |  |  |  |  |  |  |  |
| ASC Communications, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.2% Cash | 07/22 | 07/27 | 6136 | 6090 | 6136 | 0.5% | <sup>(7)(8)(12)</sup> |
| ASC Communications, LLC | Revolver | SOFR + 4.75%, 9.2% Cash | 07/22 | 07/27 |  | (7) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| Ruffalo Noel Levitz, LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 8.3% PIK | 01/19 | 12/26 | 9944 | 9931 | 3113 | 0.3% | <sup>(7)(8)(13)(26)</sup> |
| Ruffalo Noel Levitz, LLC | First Lien Senior Secured Term Loan | SOFR +7.00%, 11.4% Cash | 04/25 | 12/26 | 6 | 6 | 6 | —% | <sup>(7)(8)(12)</sup> |
| Ruffalo Noel Levitz, LLC | Revolver | SOFR + 7.00%, 11.4% Cash | 04/25 | 12/26 | 337 | 331 | 331 | —% | <sup>(7)(8)(12)(30)</sup> |
| Superjet Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.1% Cash | 12/21 | 12/27 | 13649 | 13462 | 13431 | 1.1% | <sup>(7)(8)(13)(30)</sup> |
| Superjet Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.1% Cash | 12/21 | 05/30 | 4615 | 4547 | 4557 | 0.4% | <sup>(7)(8)(13)</sup> |
| Superjet Buyer, LLC | Revolver | SOFR + 5.50%, 10.1% Cash | 12/21 | 12/27 |  | (25) | (30) | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Media: Advertising, Printing, & Publishing (2.3%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (2.3%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (2.3%)\*** |  |  | **34687** | **34335** | **27544** |  |  |
| **Media: Broadcasting & Subscription** | **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |
| Music Reports, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.7% Cash | 08/20 | 08/26 | 6923 | 6884 | 6750 | 0.6% | <sup>(7)(8)(13)</sup> |
| The Octave Music Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 06/24 | 03/29 | 3575 | 3575 | 3434 | 0.3% | <sup>(8)(13)</sup> |
| **Subtotal Media: Broadcasting & Subscription (0.9%)\*** | **Subtotal Media: Broadcasting & Subscription (0.9%)\*** | **Subtotal Media: Broadcasting & Subscription (0.9%)\*** |  |  | **10498** | **10459** | **10184** |  |  |
| **Media: Diversified & Production** | **Media: Diversified & Production** |  |  |  |  |  |  |  |  |
| BrightSign LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.9% Cash | 10/21 | 10/27 | 5049 | 5027 | 4998 | 0.4% | <sup>(7)(8)(12)</sup> |
| BrightSign LLC | Revolver | SOFR + 5.50%, 9.9% Cash | 10/21 | 10/27 | 820 | 814 | 806 | 0.1% | <sup>(7)(8)(12)(30)</sup> |
| CM Acquisitions Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.7% Cash, 2.5% PIK | 05/19 | 05/26 | 10292 | 10271 | 10097 | 0.9% | <sup>(7)(8)(14)</sup> |
| CM Acquisitions Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.2% Cash | 05/19 | 05/26 | 3833 | 3823 | 3760 | 0.3% | <sup>(7)(8)(13)</sup> |
| Footco 40 Limited | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.5% Cash | 04/22 | 04/29 | 247 | 223 | 246 | —% | <sup>(3)(7)(8)(10)</sup> |
| Footco 40 Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 10.7% Cash | 04/22 | 04/29 | 1750 | 1642 | 1741 | 0.1% | <sup>(3)(7)(8)(16)(30)</sup> |
| Learfield Communications, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 10/24 | 06/28 | 5449 | 5457 | 5480 | 0.5% | <sup>(8)(12)</sup> |
| Murphy Midco Limited | First Lien Senior Secured Term Loan | SONIA + 5.75%, 10.2% Cash | 11/20 | 11/27 | 1795 | 1720 | 1730 | 0.1% | <sup>(3)(7)(8)(17)</sup> |
| Rock Labor LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 09/23 | 09/29 | 6504 | 6352 | 6426 | 0.5% | <sup>(7)(8)(12)</sup> |
| Rock Labor LLC | Revolver | SOFR + 5.50%, 9.8% Cash | 09/23 | 09/29 |  | (23) | (13) | —% | <sup>(7)(8)(13)(30)</sup> |
| Screenvision, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 04/25 | 04/30 | 5211 | 5109 | 5106 | 0.4% | <sup>(7)(8)(13)</sup> |
| Screenvision, LLC | Second Lien Senior Secured Term Loan | SOFR +8.50%, 12.8% Cash | 04/25 | 04/30 | 33866 | 32547 | 32512 | 2.8% | <sup>(7)(8)(13)</sup> |
| Screenvision, LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 04/25 | 04/30 |  | (12) | (12) | —% | <sup>(7)(8)(13)(30)</sup> |
| Solo Buyer, L.P. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.6% Cash | 12/22 | 12/29 | 15255 | 14981 | 14782 | 1.3% | <sup>(7)(8)(13)</sup> |
| Solo Buyer, L.P. | Revolver | SOFR + 6.25%, 10.6% Cash | 12/22 | 12/28 | 798 | 769 | 736 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| Vital Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 06/21 | 06/30 | 17994 | 17824 | 17814 | 1.5% | <sup>(7)(8)(13)</sup> |
| **Subtotal Media: Diversified & Production (9.0%)\*** | **Subtotal Media: Diversified & Production (9.0%)\*** | **Subtotal Media: Diversified & Production (9.0%)\*** |  |  | **108863** | **106524** | **106209** | 9.0% |  |
| **Metals & Mining** | **Metals & Mining** |  |  |  |  |  |  |  |  |
| Arch Global Precision LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.1% Cash | 04/19 | 04/26 | 8919 | 8919 | 8786 | 0.7% | <sup>(7)(8)(13)</sup> |
| **Subtotal Metals & Mining (0.7%)\*** | **Subtotal Metals & Mining (0.7%)\*** |  |  |  | **8919** | **8919** | **8786** | 0.7% |  |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Services: Business** | **Services: Business** | | | | | | | | |
| Accelevation LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 01/25 | 01/31 | $3095 | $3038 | $3044 | 0.3% | <sup>(7)(8)(12)(30)</sup> |
| Accelevation LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 01/25 | 01/31 | 343 | 330 | 331 | —% | <sup>(7)(8)(12)(30)</sup> |
| Acclime Holdings HK Limited | First Lien Senior Secured Term Loan | SOFR + 6.38%, 10.8% Cash | 08/21 | 08/27 | 2500 | 2473 | 2453 | 0.2% | <sup>(3)(7)(8)(14)</sup> |
| Acclime Holdings HK Limited | Subordinated Term Loan | 15.0% Cash | 05/25 | 04/30 | 234 | 229 | 229 | —% | <sup>(3)(7)</sup> |
| Acogroup | First Lien Senior Secured Term Loan | EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK | 03/22 | 04/28 | 8607 | 7959 | 3701 | 0.3% | <sup>(3)(7)(8)(10)(26)</sup> |
| AD Bidco, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.6% Cash | 03/24 | 03/30 | 13179 | 12898 | 13029 | 1.1% | <sup>(7)(8)(12)(30)</sup> |
| AD Bidco, Inc. | Revolver | SOFR + 5.25%, 9.6% Cash | 03/24 | 03/30 |  | (26) | (14) | —% | <sup>(7)(8)(12)(30)</sup> |
| Adhefin International | First Lien Senior Secured Term Loan | EURIBOR + 5.20%, 7.2% Cash | 05/23 | 05/30 | 1946 | 1772 | 1946 | 0.2% | <sup>(3)(7)(8)(10)(30)</sup> |
| Adhefin International | Subordinated Term Loan | EURIBOR + 10.5%, 12.5% PIK | 05/23 | 11/30 | 429 | 394 | 429 | —% | <sup>(3)(7)(8)(10)</sup> |
| AlliA Insurance Brokers NV | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.0% Cash | 03/23 | 03/30 | 5458 | 4879 | 5447 | 0.5% | <sup>(3)(7)(8)(10)(30)</sup> |
| Apex Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 7.25%, 11.6% Cash | 01/20 | 01/27 | 3502 | 3217 | 3400 | 0.3% | <sup>(3)(7)(8)(16)</sup> |
| Apex Bidco Limited | Subordinated Senior Unsecured Term Loan | 8.0% PIK | 01/20 | 07/27 | 369 | 347 | 341 | —% | <sup>(3)(7)</sup> |
| Artemis Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 11/24 | 11/31 | 494 | 428 | 468 | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| Auxi International | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.6% Cash | 12/19 | 12/26 | 1643 | 1542 | 1550 | 0.1% | <sup>(3)(7)(8)(10)</sup> |
| Auxi International | First Lien Senior Secured Term Loan | SONIA + 6.25%, 10.5% Cash | 04/21 | 12/26 | 918 | 911 | 866 | 0.1% | <sup>(3)(7)(8)(17)</sup> |
| Azalea Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.7% Cash | 11/21 | 11/27 | 4761 | 4722 | 4761 | 0.4% | <sup>(7)(8)(12)</sup> |
| Azalea Buyer, Inc. | Revolver | SOFR + 5.25%, 9.7% Cash | 11/21 | 11/27 |  | (4) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| Azalea Buyer, Inc. | Subordinated Term Loan | 12.0% PIK | 11/21 | 05/28 | 1924 | 1910 | 1924 | 0.2% | <sup>(7)</sup> |
| Basin Innovation Group, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.9% Cash | 12/24 | 12/30 | 14123 | 13901 | 13924 | 1.2% | <sup>(7)(8)(14)(30)</sup> |
| Basin Innovation Group, LLC | Revolver | SOFR + 4.75%, 8.9% Cash | 12/24 | 12/30 |  | (25) | (23) | —% | <sup>(7)(8)(14)(30)</sup> |
| BNI Global, LLC | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.4% Cash | 02/24 | 05/27 | 10642 | 9683 | 10567 | 0.9% | <sup>(7)(8)(9)</sup> |
| Bounteous, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.2% Cash | 08/21 | 08/27 | 4085 | 4054 | 4056 | 0.3% | <sup>(7)(8)(12)</sup> |
| Brightpay Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.2% Cash | 10/21 | 10/28 | 2448 | 2338 | 2424 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| British Engineering Services Holdco Limited | First Lien Senior Secured Term Loan | SONIA + 7.00%, 11.7% Cash | 12/20 | 12/27 | 16333 | 15801 | 15321 | 1.3% | <sup>(3)(7)(8)(17)</sup> |
| Caldwell & Gregory LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 09/24 | 09/30 | 13381 | 13184 | 13212 | 1.1% | <sup>(7)(8)(13)(30)</sup> |
| Caldwell & Gregory LLC | Revolver | SOFR + 4.75%, 9.0% Cash | 09/24 | 09/30 |  | (33) | (28) | —% | <sup>(7)(8)(13)(30)</sup> |
| Centralis Finco S.a.r.l. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.4% Cash | 05/20 | 05/27 | 3396 | 2951 | 3396 | 0.3% | <sup>(3)(7)(8)(10)</sup> |
| Centralis Finco S.a.r.l. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.4% Cash | 03/25 | 03/32 | 1821 | 1687 | 1821 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| CGI Parent, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 02/22 | 02/28 | 13933 | 13738 | 13933 | 1.2% | <sup>(7)(8)(13)</sup> |
| CGI Parent, LLC | Revolver | SOFR + 4.50%, 8.8% Cash | 02/22 | 02/28 |  | (15) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| CMT Opco Holding, LLC (Concept Machine) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.5% Cash, 0.3% PIK | 01/20 | 01/27 | 4745 | 4739 | 4095 | 0.3% | <sup>(7)(8)(13)</sup> |
| Comply365, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.7% Cash | 04/22 | 12/29 | 10838 | 10707 | 10600 | 0.9% | <sup>(7)(8)(13)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Comply365, LLC | Revolver | SOFR + 5.25%, 9.7% Cash | 04/22 | 12/29 | $— | $(13) | $(24) | —% | <sup>(7)(8)(13)(30)</sup> |
| Coyo Uprising GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.5% Cash, 0.3% PIK | 09/21 | 09/28 | 5501 | 5322 | 5354 | 0.5% | <sup>(3)(7)(8)(11)(30)</sup> |
| DISA Holdings Corp. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 11/22 | 09/28 | 6915 | 6791 | 6915 | 0.6% | <sup>(7)(8)(13)</sup> |
| DISA Holdings Corp. | Revolver | SOFR + 5.00%, 9.3% Cash | 11/22 | 09/28 | 86 | 78 | 86 | —% | <sup>(7)(8)(13)(30)</sup> |
| Dunlipharder B.V. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.5% Cash | 06/22 | 06/28 | 1000 | 992 | 1000 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| EFC International | Senior Unsecured Term Loan | 11.0% Cash, 2.5% PIK | 03/23 | 05/28 | 816 | 798 | 811 | 0.1% | <sup>(7)</sup> |
| Electric Equipment & Engineering Co. | First Lien Senior Secured Term Loan | 10.5% Cash, 3.0% PIK | 12/24 | 12/30 | 318 | 312 | 313 | —% | <sup>(7)</sup> |
| Events Software BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 6.50%, 10.4% Cash | 03/22 | 03/28 | 1670 | 1866 | 1416 | 0.1% | <sup>(3)(7)(8)(19)(30)</sup> |
| Expert Institute Group Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 03/25 | 03/32 | 2598 | 2549 | 2552 | 0.2% | <sup>(7)(8)(13)(30)</sup> |
| Expert Institute Group Inc. | Revolver | SOFR + 4.50%, 8.8% Cash | 03/25 | 03/32 |  | (13) | (12) | —% | <sup>(7)(8)(13)(30)</sup> |
| Greenhill II BV | First Lien Senior Secured Term Loan | EURIBOR + 5.10%, 7.4% Cash | 07/22 | 07/29 | 1093 | 937 | 1093 | 0.1% | <sup>(3)(7)(8)(10)</sup> |
| HEKA Invest | First Lien Senior Secured Term Loan | EURIBOR + 6.20%, 8.2% Cash | 10/22 | 10/29 | 5498 | 4507 | 5498 | 0.5% | <sup>(3)(7)(8)(10)(30)</sup> |
| HS Advisory Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 03/25 | 03/30 | 2029 | 1931 | 1935 | 0.2% | <sup>(7)(8)(13)(30)</sup> |
| HS Advisory Buyer LLC | Revolver | SOFR + 4.50%, 8.8% Cash | 03/25 | 03/30 |  | (9) | (8) | —% | <sup>(7)(8)(13)(30)</sup> |
| HSL Compliance | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.4% Cash | 03/25 | 03/32 | 2822 | 2545 | 2712 | 0.2% | <sup>(3)(7)(8)(16)(30)</sup> |
| Hydratech Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.5% Cash | 09/24 | 09/29 | 4778 | 4724 | 4725 | 0.4% | <sup>(7)(8)(13)(30)</sup> |
| Hydratech Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.5% Cash | 09/24 | 12/29 | 4281 | 4232 | 4234 | 0.4% | <sup>(7)(8)(13)</sup> |
| Hydratech Holdings, Inc. | Revolver | SOFR + 5.25%, 9.5% Cash | 09/24 | 12/29 | 442 | 428 | 429 | —% | <sup>(7)(8)(13)(30)</sup> |
| Infoniqa Holdings GmbH | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.8% Cash | 11/21 | 11/28 | 3085 | 2928 | 3085 | 0.3% | <sup>(3)(7)(8)(10)</sup> |
| Interstellar Group B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.2% Cash | 08/22 | 08/29 | 1833 | 1626 | 1742 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |
| Isolstar Holding NV (IPCOM) | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.3% Cash | 10/22 | 10/29 | 5859 | 4846 | 5772 | 0.5% | <sup>(3)(7)(8)(10)</sup> |
| Jones Fish Hatcheries & Distributors LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 02/22 | 02/28 | 4500 | 4449 | 4455 | 0.4% | <sup>(7)(8)(14)</sup> |
| Jones Fish Hatcheries & Distributors LLC | Revolver | SOFR + 5.50%, 9.8% Cash | 02/22 | 02/28 |  | (4) | (4) | —% | <sup>(7)(8)(14)(30)</sup> |
| LeadsOnline, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 02/22 | 02/28 | 10017 | 9932 | 9986 | 0.8% | <sup>(7)(8)(13)</sup> |
| LeadsOnline, LLC | Revolver | SOFR + 4.50%, 8.8% Cash | 02/22 | 02/28 |  | (20) | (8) | —% | <sup>(7)(8)(13)(30)</sup> |
| Long Term Care Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.5% Cash | 04/22 | 09/27 | 8811 | 8733 | 8327 | 0.7% | <sup>(7)(8)(13)</sup> |
| MB Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 01/24 | 01/30 | 3269 | 3216 | 3255 | 0.3% | <sup>(7)(8)(13)(30)</sup> |
| MB Purchaser, LLC | Revolver | SOFR + 4.75%, 9.0% Cash | 01/24 | 01/30 |  | (5) | (1) | —% | <sup>(7)(8)(13)(30)</sup> |
| MC Group Ventures Corporation | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.6% Cash | 06/24 | 06/27 | 5092 | 5011 | 4785 | 0.4% | <sup>(7)(8)(13)(30)</sup> |
| MC Group Ventures Corporation | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.9% Cash | 07/21 | 06/27 | 4085 | 4049 | 3967 | 0.3% | <sup>(7)(8)(13)(30)</sup> |
| NF Holdco, LLC | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.8% Cash | 03/23 | 03/29 | 6251 | 6119 | 6151 | 0.5% | <sup>(7)(8)(13)</sup> |
| NF Holdco, LLC | Revolver | SOFR + 6.50%, 10.8% Cash | 03/23 | 03/29 | 475 | 454 | 457 | —% | <sup>(7)(8)(13)(30)</sup> |
| Origin Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.2% Cash | 06/21 | 06/28 | 348 | 356 | 342 | —% | <sup>(3)(7)(8)(10)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Origin Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.7% Cash | 06/21 | 06/28 | $533 | $526 | $525 | —% | <sup>(3)(7)(8)(13)</sup> |
| Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 02/20 | 06/26 | 2114 | 1958 | 2114 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.8% Cash | 02/20 | 06/26 | 2397 | 2390 | 2397 | 0.2% | <sup>(3)(7)(8)(13)</sup> |
| Qualified Industries, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.1% Cash | 03/23 | 03/29 | 2606 | 2561 | 2590 | 0.2% | <sup>(7)(8)(13)</sup> |
| Qualified Industries, LLC | Revolver | SOFR + 5.75%, 10.1% Cash | 03/23 | 03/29 |  | (5) | (1) | —% | <sup>(7)(8)(13)(30)</sup> |
| Real Chemistry Intermediate III, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.7% Cash | 04/25 | 04/32 | 8747 | 8695 | 8684 | 0.7% | <sup>(7)(8)(12)(30)</sup> |
| Real Chemistry Intermediate III, Inc. | Revolver | SOFR + 4.50%, 8.7% Cash | 04/25 | 04/32 |  | (11) | (12) | —% | <sup>(7)(8)(12)(30)</sup> |
| Recovery Point Systems, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 08/20 | 07/26 | 11235 | 11192 | 11235 | 1.0% | <sup>(7)(8)(13)</sup> |
| RKD Group, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 05/25 | 05/31 | 12220 | 12070 | 12068 | 1.0% | <sup>(7)(8)(13)(30)</sup> |
| RKD Group, LLC | Revolver | SOFR + 5.50%, 9.8% Cash | 05/25 | 05/31 |  | (12) | (12) | —% | <sup>(7)(8)(13)(30)</sup> |
| ROI Solutions LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 10/24 | 10/29 | 18264 | 17930 | 17978 | 1.5% | <sup>(7)(8)(14)(30)</sup> |
| ROI Solutions LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 10/24 | 10/29 |  | (47) | (41) | —% | <sup>(7)(8)(14)(30)</sup> |
| Royal Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 08/22 | 08/28 | 8063 | 7977 | 8063 | 0.7% | <sup>(7)(8)(13)</sup> |
| Royal Buyer, LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 08/22 | 08/28 | 117 | 98 | 117 | —% | <sup>(7)(8)(13)(30)</sup> |
| RPX Corporation | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.6% Cash | 08/24 | 08/30 | 21811 | 21521 | 21582 | 1.8% | <sup>(7)(8)(12)</sup> |
| RPX Corporation | Revolver | SOFR + 5.25%, 9.6% Cash | 08/24 | 08/30 |  | (39) | (32) | —% | <sup>(7)(8)(12)(30)</sup> |
| Sansidor BV | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.2% Cash | 09/24 | 09/31 | 955 | 894 | 937 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |
| SBP Holdings LP | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 03/23 | 03/28 | 8672 | 8442 | 8631 | 0.7% | <sup>(7)(8)(12)(30)</sup> |
| SBP Holdings LP | Revolver | SOFR + 5.00%, 9.3% Cash | 03/23 | 03/28 |  | (38) | (8) | —% | <sup>(7)(8)(12)(30)</sup> |
| Scaled Agile, Inc. | First Lien Senior Secured Term Loan | SOFR + 2.25%, 6.6% Cash, 3.8% PIK | 12/21 | 12/28 | 1805 | 1788 | 1542 | 0.1% | <sup>(7)(8)(13)</sup> |
| Scaled Agile, Inc. | Revolver | SOFR + 6.00%, 10.4% Cash | 12/21 | 12/28 | 339 | 336 | 289 | —% | <sup>(7)(8)(13)</sup> |
| SmartShift Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.2% Cash | 09/23 | 09/29 | 12879 | 12697 | 12879 | 1.1% | <sup>(7)(8)(14)</sup> |
| SmartShift Group, Inc. | Revolver | SOFR + 5.00%, 9.2% Cash | 09/23 | 09/29 |  | (29) |  | —% | <sup>(7)(8)(14)(30)</sup> |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 11/22 | 03/27 | 2288 | 2266 | 2288 | 0.2% | <sup>(7)(8)(13)</sup> |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver | SOFR + 5.00%, 9.3% Cash | 11/22 | 03/27 |  | (1) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| Starnmeer B.V. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.4% Cash | 10/21 | 04/27 | 2500 | 2486 | 2469 | 0.2% | <sup>(3)(7)(8)(14)</sup> |
| TA SL Cayman Aggregator Corp. | Subordinated Term Loan | 7.8% PIK | 07/21 | 07/28 | 2969 | 2951 | 2969 | 0.3% | <sup>(7)</sup> |
| Tanqueray Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.7% Cash | 11/22 | 11/29 | 1859 | 1526 | 1802 | 0.2% | <sup>(3)(7)(8)(16)(30)</sup> |
| Technology Service Stream BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.25%, 8.9% Cash | 06/24 | 07/30 | 819 | 807 | 775 | 0.1% | <sup>(3)(7)(8)(19)(30)</sup> |
| Techone B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.40%, 7.4% Cash | 11/21 | 11/28 | 4125 | 3823 | 4125 | 0.4% | <sup>(3)(7)(8)(10)</sup> |
| Techone B.V. | Revolver | EURIBOR + 5.40%, 7.4% Cash | 11/21 | 05/28 |  | (24) |  | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| Trintech, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.8% Cash | 07/23 | 07/29 | 6860 | 6705 | 6786 | 0.6% | <sup>(7)(8)(12)</sup> |
| Trintech, Inc. | Revolver | SOFR + 5.50%, 9.8% Cash | 07/23 | 07/29 | 153 | 141 | 147 | —% | <sup>(7)(8)(12)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 12/24 | 09/27 | $2585 | $2564 | $2572 | 0.2% | <sup>(7)(8)(13)</sup> |
| TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 12/22 | 12/28 | 2156 | 2127 | 2145 | 0.2% | <sup>(7)(8)(13)</sup> |
| TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 12/24 | 12/29 | 9406 | 9224 | 9307 | 0.8% | <sup>(7)(8)(13)(30)</sup> |
| TSYL Corporate Buyer, Inc. | Revolver | SOFR + 5.00%, 9.3% Cash | 12/22 | 12/28 |  | (5) | (2) | —% | <sup>(7)(8)(13)(30)</sup> |
| Turnberry Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.4% Cash | 07/21 | 09/26 | 4849 | 4825 | 4849 | 0.4% | <sup>(7)(8)(12)</sup> |
| UBC Ledgers Holding AB | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.2% Cash | 07/24 | 12/30 | 769 | 709 | 769 | 0.1% | <sup>(3)(7)(8)(10)</sup> |
| UBC Ledgers Holding AB | First Lien Senior Secured Term Loan | STIBOR + 5.25%, 7.4% Cash | 12/23 | 12/30 | 1681 | 1491 | 1681 | 0.1% | <sup>(3)(7)(8)(21)(30)</sup> |
| UHY Advisors, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 11/24 | 11/31 | 7811 | 7678 | 7811 | 0.7% | <sup>(7)(8)(13)(30)</sup> |
| UHY Advisors, Inc. | Revolver | SOFR + 4.75%, 9.0% Cash | 11/24 | 11/31 |  | (28) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 11/18 | 05/26 | 12543 | 12507 | 12431 | 1.1% | <sup>(7)(8)(13)</sup> |
| USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 10/24 | 10/27 | 5438 | 5395 | 5389 | 0.5% | <sup>(7)(8)(13)</sup> |
| Utac Ceram | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.0% Cash, 2.4% PIK | 09/20 | 09/27 | 1836 | 1801 | 1792 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| Utac Ceram | First Lien Senior Secured Term Loan | SOFR + 4.00%, 8.9% Cash, 2.4% PIK | 02/21 | 09/27 | 3645 | 3618 | 3558 | 0.3% | <sup>(3)(7)(8)(13)</sup> |
| World 50, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.1% Cash | 03/24 | 03/30 | 13827 | 13594 | 13827 | 1.2% | <sup>(7)(8)(13)</sup> |
| World 50, Inc. | Revolver | SOFR + 5.50%, 10.1% Cash | 03/24 | 03/30 |  | (15) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.6% Cash | 05/22 | 05/29 | 329 | 305 | 327 | —% | <sup>(3)(7)(8)(11)</sup> |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.50%, 9.7% Cash | 05/22 | 05/29 | 9644 | 8675 | 9605 | 0.8% | <sup>(3)(7)(8)(17)(30)</sup> |
| Xeinadin Bidco Limited | Subordinated Term Loan | 11.0% PIK | 05/22 | 05/29 | 4258 | 3811 | 4117 | 0.4% | <sup>(3)(7)</sup> |
| Zeppelin Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 11.3% PIK | 03/22 | 03/29 | 7423 | 6645 | 2613 | 0.2% | <sup>(3)(7)(8)(17)(26)</sup> |
| **Subtotal Services: Business (37.8%)\*** | **Subtotal Services: Business (37.8%)\*** |  |  |  | **461149** | **445891** | **444220** |  |  |
| **Services: Consumer** | **Services: Consumer** |  |  |  |  |  |  |  |  |
| Application Boot Camp LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.7% Cash | 04/25 | 04/31 | 1637 | 1614 | 1613 | 0.1% | <sup>(7)(8)(13)</sup> |
| Application Boot Camp LLC | Revolver | SOFR + 5.00%, 9.7% Cash | 04/25 | 04/31 |  | (5) | (5) | —% | <sup>(7)(8)(13)(30)</sup> |
| Application Boot Camp LLC | Subordinated Term Loan | 14.0% Cash | 04/25 | 04/30 | 82 | 82 | 82 | —% | <sup>(7)</sup> |
| Arc Education | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.4% Cash | 07/22 | 07/29 | 4340 | 3721 | 4339 | 0.4% | <sup>(3)(7)(8)(11)(30)</sup> |
| Archimede | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 8.9% Cash | 10/20 | 10/27 | 6926 | 6510 | 6503 | 0.6% | <sup>(3)(7)(8)(10)</sup> |
| Bariacum S.A | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.8% Cash | 11/21 | 11/28 | 3522 | 3267 | 3381 | 0.3% | <sup>(3)(7)(8)(11)</sup> |
| Cascade Residential Services LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.3% Cash | 10/23 | 10/29 | 4520 | 4437 | 4405 | 0.4% | <sup>(7)(8)(13)(30)</sup> |
| Cascade Residential Services LLC | Revolver | SOFR + 6.00%, 10.3% Cash | 10/23 | 10/29 | 314 | 308 | 306 | —% | <sup>(7)(8)(13)(30)</sup> |
| Express Wash Acquisition Company, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.5% Cash | 04/25 | 04/31 | 3277 | 3246 | 3245 | 0.3% | <sup>(7)(8)(13)</sup> |
| Express Wash Acquisition Company, LLC | Revolver | SOFR + 6.25%, 10.5% Cash | 04/25 | 04/31 |  | (2) | (2) | —% | <sup>(7)(8)(13)(30)</sup> |
| FL Hawk Intermediate Holdings, Inc. (f.k.a. Fineline Technologies, Inc.) | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 10/24 | 02/30 | 11968 | 11938 | 11968 | 1.0% | <sup>(7)(8)(13)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Global Academic Group Limited | First Lien Senior Secured Term Loan | BBSY + 4.91%, 8.8% Cash | 07/22 | 07/27 | $2650 | $2761 | $2650 | 0.2% | <sup>(3)(7)(8)(19)</sup> |
| Global Academic Group Limited | First Lien Senior Secured Term Loan | BKBM + 4.91%, 8.4% Cash | 07/22 | 07/27 | 4334 | 4406 | 4334 | 0.4% | <sup>(3)(7)(8)(22)(30)</sup> |
| HomeX Services Group LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 11/23 | 11/29 | 1714 | 1683 | 1702 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| HomeX Services Group LLC | Revolver | SOFR + 4.50%, 8.8% Cash | 11/23 | 11/29 |  | (5) | (2) | —% | <sup>(7)(8)(13)(30)</sup> |
| InvoCare Limited | First Lien Senior Secured Term Loan | BBSY + 6.25%, 10.0% Cash | 11/23 | 11/29 | 2122 | 2067 | 2088 | 0.2% | <sup>(3)(7)(8)(19)(30)</sup> |
| Kid Distro Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.2% Cash | 10/21 | 10/29 | 13088 | 13010 | 13088 | 1.1% | <sup>(7)(8)(13)</sup> |
| Marmoutier Holding B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.5% PIK | 06/25 | 12/28 | 66 | 64 | 41 | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| Marmoutier Holding B.V. | Revolver | EURIBOR + 5.50%, 7.5% PIK | 12/21 | 06/27 | 187 | 156 | 150 | —% | <sup>(3)(7)(8)(11)</sup> |
| Marmoutier Holding B.V. | Super Senior Secured Term Loan | EURIBOR+ 6.00%, 8.0% PIK | 03/24 | 12/28 | 203 | 175 | 164 | —% | <sup>(3)(7)(8)(11)</sup> |
| Premium Franchise Brands, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.7% Cash | 12/20 | 12/26 | 7442 | 7399 | 7353 | 0.6% | <sup>(7)(8)(13)</sup> |
| Premium Franchise Brands, LLC | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.2% Cash | 12/20 | 12/26 | 2724 | 2672 | 2710 | 0.2% | <sup>(7)(8)(13)</sup> |
| QPE7 SPV1 BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 4.50%, 8.2% Cash | 09/21 | 09/26 | 1807 | 1978 | 1794 | 0.2% | <sup>(3)(7)(8)(18)</sup> |
| Selenium Designated Activity Company | First Lien Senior Secured Term Loan | EURIBOR + 5.13%, 7.5% Cash | 03/25 | 03/30 | 3217 | 2903 | 3159 | 0.3% | <sup>(3)(7)(8)(11)</sup> |
| **Subtotal Services: Consumer (6.4%)\*** | **Subtotal Services: Consumer (6.4%)\*** |  |  |  | **76140** | **74385** | **75066** |  |  |
| **Structured Product** | **Structured Product** |  |  |  |  |  |  |  |  |
| Air Canada 2020-2 Class B Pass Through Trust | Structured Secured Note - Class B | 9.0% Cash | 09/20 | 10/25 | 1799 | 1799 | 1812 | 0.2% |  |
| AMMC CLO 22, Limited Series 2018-22A | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 02/22 | 04/31 | 7222 | 468 | 469 | —% | <sup>(3)(7)(28)(29)</sup> |
| Apidos CLO XXIV, Series 2016-24A | Subordinated Structured Notes | Residual Interest, current yield 61.2% | 02/22 | 07/27 | 18358 | 3780 | 2455 | 0.2% | <sup>(3)(28)</sup> |
| British Airways 2020-1 Class B Pass Through Trust | First Lien Senior Secured Bond | 8.4% Cash | 11/20 | 11/28 | 435 | 435 | 456 | —% |  |
| Catawba River Limited | Structured - Junior Note | N/A | 10/22 | 10/31 | 5086 | 4230 | 2207 | 0.2% | <sup>(3)(7)(29)</sup> |
| Dryden 49 Senior Loan Fund, Series 2017-49A | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 02/22 | 07/30 | 17233 | 2176 | 218 | —% | <sup>(3)(28)(29)</sup> |
| Flexential Issuer, LLC | Structured Secured Note - Class C | 6.9% Cash | 11/21 | 11/51 | 11000 | 10242 | 10805 | 0.9% |  |
| JetBlue 2019-1 Class B Pass Through Trust | Structured Secured Note - Class B | 8.0% Cash | 08/20 | 11/27 | 2217 | 2217 | 2200 | 0.2% |  |
| Magnetite XIX, Limited | Subordinated Notes | SOFR + 8.00%, 12.3% Cash | 02/22 | 04/34 | 5250 | 5250 | 5128 | 0.4% | <sup>(3)(8)(13)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class A | 4.7% Cash | 05/22 | 04/27 | 182 | 182 | 180 | —% | <sup>(3)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class B | 5.4% Cash | 05/22 | 04/27 | 182 | 182 | 181 | —% | <sup>(3)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class C | 5.9% Cash | 05/22 | 04/27 | 182 | 182 | 182 | —% | <sup>(3)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class D | 8.5% Cash | 05/22 | 04/27 | 182 | 182 | 183 | —% | <sup>(3)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class E | 11.4% Cash | 05/22 | 04/27 | 9274 | 9274 | 9292 | 0.8% | <sup>(3)(7)</sup> |
| Sound Point CLO XX, Ltd. | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 02/22 | 07/31 | 4489 | 1389 | 19 | —% | <sup>(3)(28)(29)</sup> |
| US Bank National Association Series 2025-1 | Structured Note - Class R | SOFR + 7.50%, 11.8% Cash | 03/25 | 01/32 | 6572 | 6572 | 6560 | 0.6% | <sup>(3)(7)(8)(13)</sup> |
| Vista Global Holding Ltd | Structured Secured Note - Class C | 9.5% Cash | 12/24 | 02/30 | 500 | 500 | 493 | —% | <sup>(3)</sup> |
| VistaJet Pass Through Trust 2021-1B | Structured Secured Note - Class B | 6.3% Cash | 11/21 | 02/29 | 2857 | 2857 | 2759 | 0.2% |  |
| VOYA CLO 2015-2, LTD. | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 02/22 | 07/27 | 10736 | 2434 | 51 | —% | <sup>(3)(28)(29)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| VOYA CLO 2016-2, LTD. | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 02/22 | 07/28 | $11088 | $673 | $7 | —% | <sup>(3)(28)(29)</sup> |
| **Subtotal Structured Product (3.9%)\*** | **Subtotal Structured Product (3.9%)\*** |  |  |  | **114844** | **55024** | **45657** |  |  |
| **Telecommunications** | **Telecommunications** |  |  |  |  |  |  |  |  |
| CSL DualCom | First Lien Senior Secured Term Loan | SONIA + 4.75%, 9.0% Cash | 09/20 | 09/27 | 2367 | 2079 | 2367 | 0.2% | <sup>(3)(7)(8)(15)</sup> |
| Mercell Holding AS | First Lien Senior Secured Term Loan | NIBOR + 5.50%, 9.3% Cash | 08/22 | 08/29 | 3103 | 3156 | 3102 | 0.3% | <sup>(3)(7)(8)(25)(30)</sup> |
| Permaconn BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 8.7% Cash | 12/21 | 07/29 | 2685 | 2715 | 2685 | 0.2% | <sup>(3)(7)(8)(19)</sup> |
| UKFast Leaders Limited | First Lien Senior Secured Term Loan | SONIA + 7.25%, 11.6% Cash | 09/20 | 09/27 | 12811 | 11887 | 12209 | 1.0% | <sup>(3)(7)(8)(16)</sup> |
| **Subtotal Telecommunications (1.7%)\*** | **Subtotal Telecommunications (1.7%)\*** |  |  |  | **20966** | **19837** | **20363** |  |  |
| **Transportation: Cargo** | **Transportation: Cargo** |  |  |  |  |  |  |  |  |
| Armstrong Transport Group (Pele Buyer, LLC) | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.2% Cash | 06/19 | 12/26 | 5953 | 5940 | 5780 | 0.5% | <sup>(7)(8)(14)</sup> |
| Echo Global Logistics, Inc. | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 11.7% Cash | 11/21 | 11/29 | 9469 | 9376 | 8958 | 0.8% | <sup>(7)(8)(12)</sup> |
| eShipping, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 11/21 | 11/27 | 3135 | 3110 | 3135 | 0.3% | <sup>(7)(8)(12)</sup> |
| eShipping, LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 11/21 | 11/27 |  | (12) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| FitzMark Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.2% Cash | 12/20 | 12/26 | 3994 | 3973 | 3994 | 0.3% | <sup>(7)(8)(12)</sup> |
| FragilePak LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 05/21 | 05/27 | 4520 | 4475 | 4520 | 0.4% | <sup>(7)(8)(13)</sup> |
| Honour Lane Logistics Holdings Limited | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.1% Cash | 04/22 | 11/28 | 6667 | 6558 | 6667 | 0.6% | <sup>(3)(7)(8)(14)</sup> |
| ITI Intermodal, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.4% Cash | 12/21 | 12/27 | 797 | 790 | 797 | 0.1% | <sup>(7)(8)(13)</sup> |
| ITI Intermodal, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.6% Cash | 12/21 | 12/27 | 12017 | 11825 | 12017 | 1.0% | <sup>(7)(8)(13)</sup> |
| ITI Intermodal, Inc. | Revolver | SOFR + 6.00%, 10.4% Cash | 12/21 | 12/27 | 226 | 207 | 226 | —% | <sup>(7)(8)(13)(30)</sup> |
| Offen Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.4% Cash | 02/22 | 06/26 | 3712 | 3675 | 3694 | 0.3% | <sup>(7)(12)(28)</sup> |
| R1 Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.5% Cash | 12/22 | 12/28 | 6080 | 5959 | 6104 | 0.5% | <sup>(7)(8)(14)</sup> |
| R1 Holdings, LLC | Revolver | SOFR + 6.25%, 10.5% Cash | 12/22 | 12/28 | 1854 | 1813 | 1854 | 0.2% | <sup>(7)(8)(14)(30)</sup> |
| REP SEKO MERGER SUB LLC | First Lien Senior Secured Term Loan | SOFR + 1.00%, 5.3% Cash, 9.00% PIK | 11/24 | 05/30 | 2610 | 2610 | 2610 | 0.2% | <sup>(7)(8)(13)</sup> |
| REP SEKO MERGER SUB LLC | First Out Term Loan | SOFR + 10.00%, 14.3% Cash | 11/24 | 11/29 | 1036 | 1018 | 1036 | 0.1% | <sup>(7)(8)(13)</sup> |
| Transportation Insight, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.9% Cash, 1.0% PIK | 08/18 | 06/27 | 11083 | 11057 | 8168 | 0.7% | <sup>(7)(8)(13)</sup> |
| **Subtotal Transportation: Cargo (5.9%)\*** | **Subtotal Transportation: Cargo (5.9%)\*** |  |  |  | **73153** | **72374** | **69560** |  |  |
| **Utilities: Electric** | **Utilities: Electric** |  |  |  |  |  |  |  |  |
| Panoche Energy Center LLC | First Lien Senior Secured Bond | 6.9% Cash | 07/22 | 07/29 | 3405 | 3171 | 3354 | 0.3% | <sup>(7)</sup> |
| Spatial Business Systems LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 10/22 | 10/28 | 14840 | 14636 | 14840 | 1.3% | <sup>(7)(8)(12)</sup> |
| Spatial Business Systems LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 10/22 | 10/28 |  | (19) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| **Subtotal Utilities: Electric (1.5%)\*** | **Subtotal Utilities: Electric (1.5%)\*** | **Subtotal Utilities: Electric (1.5%)\*** |  |  | **18245** | **17788** | **18194** |  |  |
| **Subtotal Debt Investments (170.3%)\*** | **Subtotal Debt Investments (170.3%)\*** |  |  |  | **2154272** | **2041376** | **2002948** |  |  |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** | ***<u>Equity Investments</u>*** | | | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | | | | | | | | |
| Accurus Aerospace Corporation | LLC Units |  | 04/25 |  | 18151.3 | $18 | $— | —% | <sup>(7)(29)</sup> |
| Accurus Aerospace Corporation | Common Stock |  | 04/22 |  | 437623.3 | 438 |  | —% | <sup>(7)(29)</sup> |
| Compass Precision, LLC | LLC Units |  | 04/22 |  | 46085.6 | 125 | 299 | —% | <sup>(7)(29)</sup> |
| GB Eagle Buyer, Inc. | Partnership Units |  | 12/22 |  | 687 | 687 | 1490 | 0.1% | <sup>(7)</sup>  |
| Megawatt Acquisitionco, Inc. | Common Stock |  | 03/24 |  | 205 | 21 |  | —% | <sup>(7)(29)</sup> |
| Megawatt Acquisitionco, Inc. | Preferred Stock |  | 03/24 |  | 1842 | 184 | 96 | —% | <sup>(7)(29)</sup> |
| Whitcraft Holdings, Inc. | LP Units |  | 02/23 |  | 63087.1 | 631 | 972 | 0.1% | <sup>(7)(29)</sup> |
| **Subtotal Aerospace & Defense (0.2%)\*** | **Subtotal Aerospace & Defense (0.2%)\*** |  |  |  |  | **2104** | **2857** |  |  |
| **Automotive** | **Automotive** |  |  |  |  |  |  |  |  |
| Burgess Point Purchaser Corporation | LP Units |  | 07/22 |  | 455 | 455 | 439 | —% | <sup>(7)(29)</sup> |
| Randys Holdings, Inc. | Common Stock |  | 11/22 |  | 5333 | 533 | 677 | 0.1% | <sup>(7)(29)</sup> |
| SPATCO Energy Solutions, LLC | Common Stock |  | 07/24 |  | 277917 | 278 | 258 | —% | <sup>(7)(29)</sup> |
| SVI International LLC | LLC Units |  | 03/24 |  | 207921 | 208 | 316 | —% | <sup>(7)</sup>  |
| Velocity Pooling Vehicle, LLC | Common Stock |  | 02/22 |  | 4676 | 60 | 2 | —% | <sup>(7)(28)(29)</sup> |
| Velocity Pooling Vehicle, LLC | Warrants |  | 02/22 |  | 5591 | 72 | 3 | —% | <sup>(7)(28)(29)</sup> |
| **Subtotal Automotive (0.1%)\*** | **Subtotal Automotive (0.1%)\*** |  |  |  |  | **1606** | **1695** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Accelerant Holdings | Class A Convertible Preferred Equity |  | 01/22 |  | 5018 | 5000 | 6601 | 0.6% | <sup>(7)(29)</sup> |
| Accelerant Holdings | Class B Convertible Preferred Equity |  | 12/22 |  | 1657 | 1667 | 2470 | 0.2% | <sup>(7)(29)</sup> |
| Accelerant Holdings | Preferred Stock |  | 12/24 |  | 4243 | 7840 | 8543 | 0.7% | <sup>(7)(29)</sup> |
| Aegros Holdco 2 Ltd | Common Stock |  | 05/25 |  | 889464 | 12 | 12 | —% | <sup>(3)(7)(29)</sup> |
| Flywheel Holdings Segregated Portfolio 2025-2 | LP Interest |  | 06/25 |  | 2777264 | 2777 | 2777 | 0.2% | <sup>(3)(7)(29)</sup> |
| Flywheel Re Segregated Portfolio 2022-4 | Preferred Stock |  | 08/22 |  | 2828286 | 2828 | 4808 | 0.4% | <sup>(3)(7)(29)</sup> |
| ICREDITWORKS LLC | Preferred Stock | 10.0% Cash, 7.5% PIK | 03/25 |  | 59462.7 | 10423 | 10422 | 0.9% | <sup>(7)</sup>  |
| ICREDITWORKS LLC | Warrants |  | 03/25 |  | 23692.2 |  |  | —% | <sup>(7)(29)</sup> |
| Policy Services Company, LLC | Warrants - Class A |  | 12/21 |  | 2.5582 |  |  | —% | <sup>(7)(29)</sup> |
| Policy Services Company, LLC | Warrants - Class B |  | 12/21 |  | 0.8634 |  |  | —% | <sup>(7)(29)</sup> |
| Policy Services Company, LLC | Warrants - Class CC |  | 12/21 |  | 0.0888 |  |  | —% | <sup>(7)(29)</sup> |
| Policy Services Company, LLC | Warrants - Class D |  | 12/21 |  | 0.2471 |  |  | —% | <sup>(7)(29)</sup> |
| Resolute Investment Managers, Inc. | Common Stock |  | 03/24 |  | 38571 |  |  | —% | <sup>(7)(28)(29)</sup> |
| Shelf Bidco Ltd | Common Stock |  | 12/22 |  | 1200000 | 1200 | 4572 | 0.4% | <sup>(3)(7)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (3.4%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (3.4%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (3.4%)\*** |  |  |  | **31747** | **40205** |  |  |
| **Beverage, Food, & Tobacco** | **Beverage, Food, & Tobacco** |  |  |  |  |  |  |  |  |
| CTI Foods Holdings Co., LLC | Common Stock |  | 02/24 |  | 21031 |  | 934 | 0.1% | <sup>(7)(29)</sup> |
| Woodland Foods, LLC | Common Stock |  | 12/21 |  | 1663.30 | 1663 | 1481 | 0.1% | <sup>(7)(29)</sup> |
| Woodland Foods, LLC | Preferred Stock | 20.0% PIK | 12/21 |  | 364.00 | 470 | 470 | —% | <sup>(7)</sup>  |
| Woodland Foods, LLC | Preferred Stock | 20.0% PIK | 03/25 |  | 94.60 | 130 | 130 | —% | <sup>(7)</sup>  |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ZB Holdco LLC | LLC Units |  | 02/22 |  | 152.69 | $121 | $223 | —% | <sup>(7)(29)</sup> |
| **Subtotal Beverage, Food, & Tobacco (0.3%)\*** | **Subtotal Beverage, Food, & Tobacco (0.3%)\*** |  |  |  |  | **2384** | **3238** |  |  |
| **Capital Equipment** | **Capital Equipment** |  |  |  |  |  |  |  |  |
| DAWGS Intermediate Holdings Co. | LLC Units |  | 03/25 |  | 346.9 | 347 | 384 | —% | <sup>(7)(29)</sup> |
| Polara Enterprises, L.L.C. | Partnership Units |  | 12/21 |  | 7409 | 741 | 1741 | 0.1% | <sup>(7)</sup>  |
| Process Insights Acquisition, Inc. | Common Stock |  | 07/23 |  | 281 | 281 | 147 | —% | <sup>(7)(29)</sup> |
| Rapid Buyer LLC | LLC Units |  | 10/24 |  | 533 | 533 | 486 | —% | <sup>(7)(29)</sup> |
| TAPCO Buyer LLC | LLC Units |  | 11/24 |  | 252 | 252 | 302 | —% | <sup>(7)(29)</sup> |
| **Subtotal Capital Equipment (0.3%)\*** | **Subtotal Capital Equipment (0.3%)\*** |  |  |  |  | **2154** | **3060** |  |  |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |
| Americo Chemical Products, LLC | Common Stock |  | 04/23 |  | 88110 | 88 | 115 | —% | <sup>(7)(29)</sup> |
| Aptus 1829. GmbH | Common Stock |  | 09/21 |  | 48 | 12 |  | —% | <sup>(3)(7)(29)</sup> |
| Aptus 1829. GmbH | Preferred Stock |  | 09/21 |  | 13 | 120 | 69 | —% | <sup>(3)(7)(29)</sup> |
| Polymer Solutions Group Holdings, LLC | Common Stock |  | 02/22 |  | 74 |  |  | —% | <sup>(7)(29)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (—%)\*** | **Subtotal Chemicals, Plastics, & Rubber (—%)\*** | **Subtotal Chemicals, Plastics, & Rubber (—%)\*** |  |  |  | **220** | **184** |  |  |
| **Construction & Building** | **Construction & Building** |  |  |  |  |  |  |  |  |
| BKF Buyer, Inc. | Common Stock |  | 08/24 |  | 1004467 | 1004 | 1095 | 0.1% | <sup>(7)(29)</sup> |
| MNS Buyer, Inc. | Partnership Units |  | 08/21 |  | 76923 | 77 | 112 | —% | <sup>(7)(29)</sup> |
| Ocelot Holdco LLC | Common Stock |  | 10/23 |  | 186.67 |  | 1538 | 0.1% | <sup>(7)(29)</sup> |
| Ocelot Holdco LLC | Preferred Stock | 15.0% PIK | 10/23 |  | 243.81 | 2211 | 3054 | 0.3% | <sup>(7)</sup>  |
| **Subtotal Construction & Building (0.5%)\*** | **Subtotal Construction & Building (0.5%)\*** |  |  |  |  | **3292** | **5799** |  |  |
| **Consumer goods: Durable** | **Consumer goods: Durable** |  |  |  |  |  |  |  |  |
| DecksDirect, LLC | Class A Units |  | 04/24 |  | 1016.1 | 47 |  | —% | <sup>(7)(29)</sup> |
| DecksDirect, LLC | Common Stock |  | 12/21 |  | 1280.8 | 55 |  | —% | <sup>(7)(29)</sup> |
| DecksDirect, LLC | Preferred Stock | 13.0% PIK | 03/25 |  | 9.5 | 10 |  | —% | <sup>(7)</sup>  |
| Lifestyle Intermediate II, LLC | Common Stock |  | 01/25 |  | 16173.0 |  |  | —% | <sup>(7)(29)</sup> |
| Renovation Parent Holdings, LLC | Partnership Equity |  | 11/21 |  | 202393.6 | 202 | 95 | —% | <sup>(7)(29)</sup> |
| RTIC Subsidiary Holdings, LLC | Class A Preferred Stock |  | 02/22 |  | 145.347 | 4 |  | —% | <sup>(7)(28)(29)</sup> |
| RTIC Subsidiary Holdings, LLC | Class B Preferred Stock |  | 02/22 |  | 145.347 |  |  | —% | <sup>(7)(28)(29)</sup> |
| RTIC Subsidiary Holdings, LLC | Class C Preferred Stock |  | 02/22 |  | 7844.03 | 450 | 47 | —% | <sup>(7)(28)(29)</sup> |
| RTIC Subsidiary Holdings, LLC | Common Stock |  | 02/22 |  | 153 |  |  | —% | <sup>(7)(28)(29)</sup> |
| Serta Simmons Bedding LLC | Common Stock |  | 06/23 |  | 109127 | 1630 | 884 | 0.1% | <sup>(29)</sup> |
| Team Air Distributing, LLC | Partnership Equity |  | 05/23 |  | 516640.2 | 523 | 537 | —% | <sup>(7)(29)</sup> |
| Terrybear, Inc. | Partnership Equity |  | 04/22 |  | 24358.97 | 239 |  | —% | <sup>(7)(29)</sup> |
| **Subtotal Consumer goods: Durable (0.1%)\*** | **Subtotal Consumer goods: Durable (0.1%)\*** |  |  |  |  | **3160** | **1563** |  |  |
| **Consumer goods: Non-durable** | **Consumer goods: Non-durable** |  |  |  |  |  |  |  |  |
| CCFF Buyer, LLC | LLC Units |  | 02/24 |  | 233 | 233 | 239 | —% | <sup>(7)</sup>  |
| Ice House America, L.L.C. | LLC Units |  | 01/24 |  | 2893 | 289 | 237 | —% | <sup>(7)(29)</sup> |
| Isagenix International, LLC | Common Stock |  | 04/23 |  | 58538 |  |  | —% | <sup>(7)(28)(29)</sup> |
| Safety Products Holdings, LLC | Preferred Stock |  | 12/20 |  | 378.7 | 380 | 491 | —% | <sup>(7)(29)</sup> |
| **Subtotal Consumer goods: Non-durable (0.1%)\*** | **Subtotal Consumer goods: Non-durable (0.1%)\*** | **Subtotal Consumer goods: Non-durable (0.1%)\*** |  |  |  | **902** | **967** |  |  |
| **Containers, Packaging, & Glass** | **Containers, Packaging, & Glass** |  |  |  |  |  |  |  |  |
| Diversified Packaging Holdings LLC | LLC Units |  | 06/24 |  | 2769 | 277 | 366 | —% | <sup>(7)</sup>  |
| Five Star Holding LLC | LLC Units |  | 05/22 |  | 966.99 | 967 | 756 | 0.1% | <sup>(7)(29)</sup> |
| **Subtotal Containers, Packaging, & Glass (0.1%)\*** | **Subtotal Containers, Packaging, & Glass (0.1%)\*** | **Subtotal Containers, Packaging, & Glass (0.1%)\*** |  |  |  | **1244** | **1122** |  |  |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Energy: Oil & Gas** | **Energy: Oil & Gas** | | | | | | | | |
| Ferrellgas L.P. | Opco Preferred Units |  | 03/21 |  | 2886 | $2799 | $2799 | 0.2% | <sup>(7)</sup>  |
| **Subtotal Energy: Oil & Gas (0.2%)\*** | **Subtotal Energy: Oil & Gas (0.2%)\*** |  |  |  |  | **2799** | **2799** |  |  |
| **Environmental Industries** | **Environmental Industries** |  |  |  |  |  |  |  |  |
| Bridger Aerospace Group Holdings, LLC | Preferred Stock- Series C | 7.0% PIK | 07/22 |  | 14618 | 17335 | 14982 | 1.3% | <sup>(7)</sup>  |
| **Subtotal Environmental Industries (1.3%)\*** | **Subtotal Environmental Industries (1.3%)\*** |  |  |  |  | **17335** | **14982** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Amalfi Midco | Class B Common Stock |  | 09/22 |  | 98906608 | 1115 | 2711 | 0.2% | <sup>(3)(7)(29)</sup> |
| Amalfi Midco | Warrants |  | 09/22 |  | 380385 | 4 | 1084 | 0.1% | <sup>(3)(7)(29)</sup> |
| Canadian Orthodontic Partners Corp. | Class A Equity |  | 05/22 |  | 500000 | 389 |  | —% | <sup>(3)(7)(29)</sup> |
| Canadian Orthodontic Partners Corp. | Class C - Warrants |  | 05/22 |  | 74712.64 |  |  | —% | <sup>(3)(7)(29)</sup> |
| Canadian Orthodontic Partners Corp. | Class X Equity |  | 05/22 |  | 45604 | 35 |  | —% | <sup>(3)(7)(29)</sup> |
| Canadian Orthodontic Partners Corp. | Common Stock |  | 08/24 |  | 14.37 |  |  | —% | <sup>(3)(7)(29)</sup> |
| Forest Buyer, LLC | Class A LLC Units |  | 03/24 |  | 122 | 122 | 135 | —% | <sup>(7)</sup>  |
| Forest Buyer, LLC | Class B LLC Units |  | 03/24 |  | 122 |  | 141 | —% | <sup>(7)(29)</sup> |
| GCDL LLC | Common Stock |  | 08/24 |  | 243243.24 | 243 | 326 | —% | <sup>(7)(29)</sup> |
| GPNZ II GmbH | Common Stock |  | 10/23 |  | 5785 |  |  | —% | <sup>(3)(7)(29)</sup> |
| HemaSource, Inc. | Common Stock |  | 08/23 |  | 101080 | 101 | 130 | —% | <sup>(7)(29)</sup> |
| Kline Hill Partners LP | Common Stock |  | 06/25 |  | 47209.6 | 47 | 47 | —% | <sup>(7)(29)</sup> |
| Moonlight Bidco Limited | Common Stock |  | 07/23 |  | 10590 | 138 | 209 | —% | <sup>(3)(7)(29)</sup> |
| Parkview Dental Holdings LLC | LLC Units |  | 10/23 |  | 29762 | 298 | 261 | —% | <sup>(7)(29)</sup> |
| Parkview Dental Holdings LLC | Preferred Stock | 10.0% PIK | 12/24 |  | 1229.1 | 12 | 37 | —% | <sup>(7)</sup>  |
| SCP Medical Products, LLC. | LLC Units |  | 06/25 |  | 393.3 | 53 | 53 | —% | <sup>(7)(29)</sup> |
| Unosquare, LLC | LLC Units |  | 06/25 |  | 260817.7 | 261 | 261 | —% | <sup>(7)(29)</sup> |
| VB Spine Intermediary II LLC | LLC Units |  | 04/25 |  | 767670.7 |  |  | —% | <sup>(7)(29)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (0.5%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.5%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.5%)\*** |  |  |  | **2818** | **5395** |  |  |
| **High Tech Industries** | **High Tech Industries** |  |  |  |  |  |  |  |  |
| Argus Bidco Limited | Common Stock |  | 07/22 |  | 464 | 1 |  | —% | <sup>(3)(7)(29)</sup> |
| Argus Bidco Limited | Equity Loan Notes | 10.0% PIK | 07/22 |  | 41560 | 63 | 33 | —% | <sup>(3)(7)</sup> |
| Argus Bidco Limited | Preferred Stock | 10.0% PIK | 07/22 |  | 41560 | 63 | 33 | —% | <sup>(3)(7)</sup> |
| CH Buyer, LLC | LLC Units |  | 05/25 |  | 685 | 69 | 69 | —% | <sup>(7)(29)</sup> |
| Command Alkon (Project Potter Buyer, LLC) | Class B Partnership Units |  | 04/20 |  | 33324.70 |  | 152 | —% | <sup>(7)(29)</sup> |
| CW Group Holdings, LLC | LLC Units |  | 01/21 |  | 161290.32 | 161 | 460 | —% | <sup>(7)(29)</sup> |
| FinThrive Software Intermediate Holdings Inc. | Preferred Stock | 11.0% PIK | 03/22 |  | 6582.7 | 10383 | 6717 | 0.6% | <sup>(7)</sup>  |
| FSS Buyer LLC | LP Interest |  | 08/21 |  | 1160.9 | 12 | 17 | —% | <sup>(7)</sup>  |
| FSS Buyer LLC | LP Units |  | 08/21 |  | 5104.3 | 51 | 74 | —% | <sup>(7)(29)</sup> |
| NAW Buyer LLC | LLC Units |  | 09/23 |  | 472512 | 473 | 515 | —% | <sup>(7)</sup>  |
| OSP Hamilton Purchaser, LLC | LP Units |  | 07/22 |  | 173749 | 174 | 189 | —% | <sup>(7)</sup>  |
| PDQ.Com Corporation | Class A-2 Partnership Units |  | 08/21 |  | 13.9 | 14 | 32 | —% | <sup>(7)</sup>  |
| ProfitOptics, LLC | LLC Units |  | 03/22 |  | 241935.48 | 161 | 380 | —% | <sup>(7)(29)</sup> |
| Pro-Vision Solutions Holdings, LLC | LLC Units |  | 09/24 |  | 2357.5 | 236 | 236 | —% | <sup>(7)(29)</sup> |
| **Subtotal High Tech Industries (0.8%)\*** | **Subtotal High Tech Industries (0.8%)\*** |  |  |  |  | **11861** | **8907** |  |  |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Media: Advertising, Printing, & Publishing** | **Media: Advertising, Printing, & Publishing** | | | | | | | | |
| Advantage Software Company (The), LLC | Class A1 Partnership Units |  | 12/21 |  | 8717.76 | $280 | $534 | —% | <sup>(7)(29)</sup> |
| Advantage Software Company (The), LLC | Class A2 Partnership Units |  | 12/21 |  | 2248.46 | 72 | 138 | —% | <sup>(7)(29)</sup> |
| Advantage Software Company (The), LLC | Class B1 Partnership Units |  | 12/21 |  | 8717.76 | 9 |  | —% | <sup>(7)(29)</sup> |
| Advantage Software Company (The), LLC | Class B2 Partnership Units |  | 12/21 |  | 2248.46 | 2 |  | —% | <sup>(7)(29)</sup> |
| ASC Communications, LLC | Class A Units |  | 07/22 |  | 25718.20 | 539 | 954 | 0.1% | <sup>(7)(29)</sup> |
| **Subtotal Media: Advertising, Printing & Publishing (0.1%)\*** | **Subtotal Media: Advertising, Printing & Publishing (0.1%)\*** | **Subtotal Media: Advertising, Printing & Publishing (0.1%)\*** |  |  |  | **902** | **1626** |  |  |
| **Media: Broadcasting & Subscription** | **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |
| The Octave Music Group, Inc. | Partnership Equity |  | 04/22 |  | 676881.00 | 677 | 2037 | 0.2% | <sup>(7)(29)</sup> |
| **Subtotal Media: Broadcasting & Subscription (0.2%)\*** | **Subtotal Media: Broadcasting & Subscription (0.2%)\*** | **Subtotal Media: Broadcasting & Subscription (0.2%)\*** |  |  |  | **677** | **2037** |  |  |
| **Media: Diversified & Production** | **Media: Diversified & Production** |  |  |  |  |  |  |  |  |
| BrightSign LLC | LLC Units |  | 10/21 |  | 1107492.71 | 1107 | 1207 | 0.1% | <sup>(7)(29)</sup> |
| Rock Labor LLC | LLC Units |  | 09/23 |  | 233871 | 1252 | 1062 | 0.1% | <sup>(7)</sup>  |
| Solo Buyer, L.P. | Common Equity |  | 12/22 |  | 516399 | 516 | 310 | —% | <sup>(7)(29)</sup> |
| Vital Buyer, LLC | Partnership Units |  | 06/21 |  | 16442.9 | 164 | 395 | —% | <sup>(7)</sup>  |
| **Subtotal Media: Diversified & Production (0.3%)\*** | **Subtotal Media: Diversified & Production (0.3%)\*** | **Subtotal Media: Diversified & Production (0.3%)\*** |  |  |  | **3039** | **2974** |  |  |
| **Services: Business** | **Services: Business** |  |  |  |  |  |  |  |  |
| Azalea Buyer, Inc. | Common Stock |  | 11/21 |  | 192307.7 | 192 | 310 | —% | <sup>(7)(29)</sup> |
| CGI Parent, LLC | Preferred Stock |  | 02/22 |  | 657 | 722 | 1893 | 0.2% | <sup>(7)(29)</sup> |
| CMT Opco Holding, LLC (Concept Machine) | LLC Units |  | 09/23 |  | 12634.8 | 506 |  | —% | <sup>(7)(29)</sup> |
| Coyo Uprising GmbH | Class A Units |  | 09/21 |  | 440 | 205 | 239 | —% | <sup>(3)(7)(29)</sup> |
| Coyo Uprising GmbH | Class B Units |  | 09/21 |  | 191 | 446 | 446 | —% | <sup>(3)(7)(29)</sup> |
| DataServ Integrations, LLC | Preferred Units |  | 11/22 |  | 175459.20 | 192 | 200 | —% | <sup>(7)(29)</sup> |
| EFC International | Common Stock |  | 03/23 |  | 163.83 | 231 | 278 | —% | <sup>(7)(29)</sup> |
| Electric Equipment & Engineering Co. | LLC Units |  | 12/24 |  | 187500 | 188 | 276 | —% | <sup>(7)(29)</sup> |
| Jones Fish Hatcheries & Distributors LLC | LLC Units |  | 02/22 |  | 1018 | 107 | 476 | —% | <sup>(7)(29)</sup> |
| LeadsOnline, LLC | LLC Units |  | 02/22 |  | 81739 | 85 | 202 | —% | <sup>(7)(29)</sup> |
| MB Purchaser, LLC | LLC Units |  | 01/24 |  | 66 | 68 | 89 | —% | <sup>(7)(29)</sup> |
| MC Group Ventures Corporation | Partnership Units |  | 06/21 |  | 746.66 | 747 | 526 | —% | <sup>(7)(29)</sup> |
| NF Holdco, LLC | LLC Units |  | 03/23 |  | 639510 | 659 | 377 | —% | <sup>(7)(29)</sup> |
| Qualified Industries, LLC | Common Stock |  | 03/23 |  | 303030 | 3 | 76 | —% | <sup>(7)(29)</sup> |
| Qualified Industries, LLC | Preferred Stock |  | 03/23 |  | 148 | 144 | 184 | —% | <sup>(7)(29)</sup> |
| Recovery Point Systems, Inc. | Partnership Equity |  | 03/21 |  | 187235 | 187 | 88 | —% | <sup>(7)(29)</sup> |
| SmartShift Group, Inc. | Common Stock |  | 09/23 |  | 275 | 275 | 581 | —% | <sup>(7)(29)</sup> |
| TA SL Cayman Aggregator Corp. | Common Stock |  | 07/21 |  | 1589 | 50 | 91 | —% | <sup>(7)(29)</sup> |
| TSYL Corporate Buyer, Inc. | Partnership Units |  | 12/22 |  | 4673 | 5 | 29 | —% | <sup>(7)</sup>  |
| Xeinadin Bidco Limited | Common Stock |  | 05/22 |  | 45665825 | 565 | 626 | 0.1% | <sup>(3)(7)(29)</sup> |
| **Subtotal Services: Business (0.6%)\*** | **Subtotal Services: Business (0.6%)\*** |  |  |  |  | **5577** | **6987** |  |  |
| **Services: Consumer** | **Services: Consumer** |  |  |  |  |  |  |  |  |
| Application Boot Camp LLC | Common Stock |  | 04/25 |  | 234751.8 | 235 | 235 | —% | <sup>(7)(29)</sup> |
| Kid Distro Holdings, LLC | LLC Units |  | 10/21 |  | 637677.11 | 638 | 797 | 0.1% | <sup>(7)(29)</sup> |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Marmoutier Holding B.V. | Common Stock |  | 06/25 |  | 2600592 | $— | $— | —% | <sup>(3)(7)(29)</sup> |
| **Subtotal Services: Consumer (0.1%)\*** | **Subtotal Services: Consumer (0.1%)\*** |  |  |  |  | **873** | **1032** |  |  |
| **Telecommunications** | **Telecommunications** |  |  |  |  |  |  |  |  |
| Mercell Holding AS | Class A Units |  | 08/22 |  | 114.4 | 111 | 146 | —% | <sup>(3)(7)(29)</sup> |
| Mercell Holding AS | Class B Units |  | 08/22 |  | 28943.8 |  | 9 | —% | <sup>(3)(7)(29)</sup> |
| Syniverse Holdings, Inc. | Series A Preferred Equity | 12.5% PIK | 05/22 |  | 7575758 | 10812 | 10758 | 0.9% | <sup>(7)</sup>  |
| **Subtotal Telecommunications (0.9%)\*** | **Subtotal Telecommunications (0.9%)\*** |  |  |  |  | **10923** | **10913** | 0.9% |  |
| **Transportation: Cargo** | **Transportation: Cargo** |  |  |  |  |  |  |  |  |
| AIT Worldwide Logistics Holdings, Inc. | Partnership Units |  | 04/21 |  | 348.68 | 349 | 600 | 0.1% | <sup>(7)(29)</sup> |
| Echo Global Logistics, Inc. | Partnership Equity |  | 11/21 |  | 530.92 | 531 | 276 | —% | <sup>(7)(29)</sup> |
| FragilePak LLC | Partnership Units |  | 05/21 |  | 937.5 | 938 | 752 | 0.1% | <sup>(7)(29)</sup> |
| ITI Intermodal, Inc. | Common Stock |  | 01/22 |  | 7500.4 | 750 | 975 | 0.1% | <sup>(7)(29)</sup> |
| REP SEKO MERGER SUB LLC | Common Stock |  | 11/24 |  | 1231 | 5403 | 3118 | 0.3% | <sup>(7)(29)</sup> |
| **Subtotal Transportation: Cargo (0.5%)\*** | **Subtotal Transportation: Cargo (0.5%)\*** |  |  |  |  | **7971** | **5721** |  |  |
| **Subtotal Equity Investments (10.6%)\*** | **Subtotal Equity Investments (10.6%)\*** |  |  |  |  | **113588** | **124063** |  |  |
| ***<u>Royalty Investments:</u>*** | ***<u>Royalty Investments:</u>*** |  |  |  |  |  |  |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Coherus Biosciences, Inc. | Royalty Rights |  | 05/24 |  |  | 1341 | 1542 | 0.1% | <sup>(7)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** |  |  |  | **1341** | **1542** |  |  |
| **Subtotal Royalty Investments (0.1%)\*** | **Subtotal Royalty Investments (0.1%)\*** |  |  |  |  | **1341** | **1542** |  |  |
| **Subtotal Non-Control / Non-Affiliate Investments (181.0%)\*** | **Subtotal Non-Control / Non-Affiliate Investments (181.0%)\*** | **Subtotal Non-Control / Non-Affiliate Investments (181.0%)\*** |  |  |  | **2156305** | **2128553** |  |  |
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Affiliate Investments:</u>***<sup>(4)</sup> | ***<u>Affiliate Investments:</u>***<sup>(4)</sup> |  |  |  |  |  |  |  |  |
| ***<u>Debt Investments</u>*** | ***<u>Debt Investments</u>*** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Skyvault Holdings LLC | First Lien Senior Secured Term Loan | 12.0% Cash | 11/24 | 11/31 | $12319 | $12319 | $12320 | 1.0% | <sup>(7)(30)</sup> |
| **Subtotal Aerospace & Defense (1.0%)\*** | **Subtotal Aerospace & Defense (1.0%)\*** |  |  |  | **12319** | **12319** | **12320** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Eclipse Business Capital, LLC | Revolver | SOFR + 6.50%, 10.9% Cash | 07/21 | 02/29 | 9818 | 9752 | 9818 | 0.8% | <sup>(7)(12)(30)</sup> |
| Eclipse Business Capital, LLC | Second Lien Senior Secured Term Loan | 7.5% Cash | 07/21 | 07/28 | 4545 | 4523 | 4545 | 0.4% | <sup>(7)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)\*** |  |  | **14363** | **14275** | **14363** |  |  |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |
| Celebration Bidco, LLC | First Lien Senior Secured Term Loan | SOFR + 8.00%, 12.3% PIK | 12/23 | 12/28 | 8164 | 8164 | 7824 | 0.7% | <sup>(7)(13)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (0.7%)\*** | **Subtotal Chemicals, Plastics, & Rubber (0.7%)\*** | **Subtotal Chemicals, Plastics, & Rubber (0.7%)\*** |  |  | **8164** | **8164** | **7824** | 0.7% |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Biolam Group | First Lien Senior Secured Term Loan | EURIBOR + 4.50%, 8.7% PIK | 12/22 | 12/29 | 2698 | 2486 | 1437 | 0.1% | <sup>(3)(7)(8)(11)(26)</sup><br><sup>(30)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** |  |  | **2698** | **2486** | **1437** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |
| Coastal Marina Holdings, LLC | Subordinated Term Loan | 8.0% Cash | 11/21 | 11/31 | 24282 | 23080 | 23131 | 2.0% | <sup>(7)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (2.0%)\*** | **Subtotal Hotel, Gaming, & Leisure (2.0%)\*** |  |  |  | **24282** | **23080** | **23131** |  |  |
| **Subtotal Debt Investments (4.9%)\*** | **Subtotal Debt Investments (4.9%)\*** |  |  |  | **61826** | **60324** | **59075** |  |  |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** | ***<u>Equity Investments</u>*** | | | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | | | | | | | | |
| Skyvault Holdings LLC | LLC Units |  | 11/24 |  | 4046326.8 | $4055 | $4046 | 0.3% | <sup>(7)(29)</sup> |
| **Subtotal Aerospace & Defense (0.3%)\*** | **Subtotal Aerospace & Defense (0.3%)\*** |  |  |  |  | **4055** | **4046** | 0.3% |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Eclipse Business Capital, LLC | LLC Units |  | 07/21 |  | 89447396 | 93052 | 139539 | 11.9% | <sup>(7)</sup> |
| Rocade Holdings LLC | Preferred LP Units | SOFR + 6.00%, 10.3% PIK | 02/23 |  | 71000 | 87293 | 87292 | 7.4% | <sup>(7)(13)(30)</sup> |
| Rocade Holdings LLC | Common LP Units |  | 02/23 |  | 23.8 |  | 1019 | 0.1% | <sup>(7)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (19.4%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (19.4%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (19.4%)\*** |  |  |  | **180345** | **227850** |  |  |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |
| Celebration Bidco, LLC | Common Stock |  | 12/23 |  | 1243071 | 12177 | 7446 | 0.6% | <sup>(7)(29)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (0.6%)\*** | **Subtotal Chemicals, Plastics, & Rubber (0.6%)\*** | **Subtotal Chemicals, Plastics, & Rubber (0.6%)\*** |  |  |  | **12177** | **7446** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| Biolam Group | Common Stock |  | 05/25 |  | 851507 | **—** | **—** | —% | <sup>(3)(7)(29)</sup> |
| Biolam Group | Convertible Bonds |  | 05/25 |  | 1586655 | **—** | **—** | —% | <sup>(3)(7)(29)</sup> |
| Biolam Group | Ordinary Shares |  | 05/25 |  | 15191001 | **—** | **—** | —% | <sup>(3)(7)(29)</sup> |
| Biolam Group | Preferred Stock A |  | 05/25 |  | 41692 | **—** | **—** | —% | <sup>(3)(7)(29)</sup> |
| Biolam Group | Preferred Stock A2 |  | 05/25 |  | 13538 | **—** | **—** | —% | <sup>(3)(7)(29)</sup> |
| Biolam Group | Preferred Stock B |  | 05/25 |  | 1529216 | **—** | **—** | —% | <sup>(3)(7)(29)</sup> |
| Biolam Group | Preferred Stock C |  | 05/25 |  | 11153 | **—** | **—** | —% | <sup>(3)(7)(29)</sup> |
| Biolam Group | Preferred Stock O1 |  | 05/25 |  | 1336662 | **—** | **—** | —% | <sup>(3)(7)(29)</sup> |
| Biolam Group | Preferred Stock O2 |  | 05/25 |  | 134616 | **—** | **—** | —% | <sup>(3)(7)(29)</sup> |
| Biolam Group | Warrants |  | 05/25 |  | 2600000 | **—** | **—** | —% | <sup>(3)(7)(29)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (—%)\*** | **Subtotal Healthcare & Pharmaceuticals (—%)\*** | **Subtotal Healthcare & Pharmaceuticals (—%)\*** |  |  |  | **—** | **—** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Coastal Marina Holdings, LLC | LLC Units |  | 11/21 |  | 3518097 | 16495 | 19807 | 1.7% | <sup>(7)(29)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (1.7%)\*** | **Subtotal Hotel, Gaming, & Leisure (1.7%)\*** |  |  |  |  | **16495** | **19807** |  |  |
| **Investment Funds & Vehicles** | **Investment Funds & Vehicles** |  |  |  |  |  |  |  |  |
| Jocassee Partners LLC | 9.1% Member Interest |  | 06/19 |  |  | 35158 | 39265 | 3.3% | <sup>(3)(30)(32)</sup> |
| Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest |  | 02/22 |  |  | 48441 | 39555 | 3.4% | <sup>(3)(28)(32)</sup> |
| Thompson Rivers LLC | 16.0% Member Interest |  | 06/20 |  |  | 21299 | 5534 | 0.5% | <sup>(29)(32)</sup> |
| Waccamaw River LLC | 20% Member Interest |  | 02/21 |  |  | 19584 | 7128 | 0.6% | <sup>(3)(32)</sup> |
| **Subtotal Investment Funds & Vehicles (7.8%)\*** | **Subtotal Investment Funds & Vehicles (7.8%)\*** | **Subtotal Investment Funds & Vehicles (7.8%)\*** |  |  |  | **124482** | **91482** |  |  |
| **Subtotal Equity Investments (29.8%)\*** | **Subtotal Equity Investments (29.8%)\*** |  |  |  |  | **337554** | **350631** |  |  |
| **Subtotal Affiliate Investments (34.8%)\*** | **Subtotal Affiliate Investments (34.8%)\*** |  |  |  |  | **397878** | **409706** |  |  |
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Control Investments:</u>***<sup>(5)</sup> | ***<u>Control Investments:</u>***<sup>(5)</sup> |  |  |  |  |  |  |  |  |
| ***<u>Debt Investments</u>*** | ***<u>Debt Investments</u>*** |  |  |  |  |  |  |  |  |
| **Capital Equipment** | **Capital Equipment** |  |  |  |  |  |  |  |  |
| Security Holdings B.V. | Bridge Loan | 5.0% PIK | 12/20 | 06/26 | $6823 | $6823 | $6823 | 0.6% | <sup>(3)(7)(27)</sup> |
| Security Holdings B.V. | Revolver | 6.0% PIK | 09/23 | 12/27 | 6221 | 5814 | 6221 | 0.5% | <sup>(3)(7)(27)(30)</sup> |
| Security Holdings B.V. | Senior Unsecured Term Loan | 9.0% PIK | 04/21 | 04/28 | 2779 | 2697 | 2778 | 0.2% | <sup>(3)(7)(27)</sup> |
| Security Holdings B.V. | Senior Subordinated Term Loan | 3.1% PIK | 12/20 | 06/26 | 11388 | 11388 | 11387 | 1.0% | <sup>(3)(7)(27)</sup> |
| **Subtotal Capital Equipment (2.3%)\*** | **Subtotal Capital Equipment (2.3%)\*** |  |  |  | **27211** | **26722** | **27209** |  |  |
| **Subtotal Debt Investments (2.3%)\*** | **Subtotal Debt Investments (2.3%)\*** |  |  |  | **27211** | **26722** | **27209** |  |  |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** | ***<u>Equity Investments</u>*** | | | | | | | | |
| **Automotive** | **Automotive** | | | | | | | | |
| MVC Automotive Group Gmbh | Common Equity Interest |  | 12/20 |  | 18000 | $19173 | $11995 | 1.0% | <sup>(3)(7)(27)(29)</sup> |
| **Subtotal Automotive (1.0%)\*** | **Subtotal Automotive (1.0%)\*** | **Subtotal Automotive (1.0%)\*** |  |  |  | **19173** | **11995** |  |  |
| **Capital Equipment** | **Capital Equipment** |  |  |  |  |  |  |  |  |
| Security Holdings B.V. | Common Stock Series A |  | 02/22 |  | 17100 | 560 | 491 | —% | <sup>(3)(7)(27)(29)</sup> |
| Security Holdings B.V. | Common Stock Series B |  | 12/20 |  | 1236 | 35192 | 45928 | 3.9% | <sup>(3)(7)(27)</sup> |
| **Subtotal Capital Equipment (3.9%)\*** | **Subtotal Capital Equipment (3.9%)\*** |  |  |  |  | **35752** | **46419** |  |  |
| **Subtotal Equity Investments (5.1%)\*** | **Subtotal Equity Investments (5.1%)\*** |  |  |  |  | **54925** | **58414** |  |  |
| **Subtotal Control Investments (7.3%)\*** | **Subtotal Control Investments (7.3%)\*** |  |  |  |  | **81647** | **85623** |  |  |
| **Total Investments, June 30, 2025 (223.1%)\*** | **Total Investments, June 30, 2025 (223.1%)\*** |  |  |  |  | $**2635830** | $**2623882** |  |  |

---

***Derivative Instruments***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***<u>Interest Rate Swaps:</u>*** | | | | | | | |
| **Description** |<br>**Company Receives** |<br>**Company Pays** |<br>**Maturity Date** |<br>**Notional Amount** |<br>**Value** |<br>**Hedged Instrument** |<br>**Unrealized Appreciation (Depreciation)** |
| Interest rate swap (See Note 5) | 7.00% | SOFR + 3.1475% | 2/15/2029 | $300000 | $3341 | February 2029 Notes | $3341 |
| **Total Interest Rate Swaps, June 30, 2025** | **Total Interest Rate Swaps, June 30, 2025** | **Total Interest Rate Swaps, June 30, 2025** |  |  |  |  | $3341 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***<u>Credit Support Agreement:</u>*** | | | | | |
| **Description** |<br>**Counterparty** |<br>**Settlement Date** |<br>**Notional Amount** |<br>**Value** |<br>**Unrealized Appreciation (Depreciation)** |
| Sierra Credit Support Agreement(a)(b)(c) (See Note 2) | Barings LLC | 04/01/32 | $100000 | $51200 | $6800 |
| **Total Credit Support Agreement, June 30, 2025** |  |  | $100000 | $51200 | $6800 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Sierra Credit Support Agreement (as defined in "Note 2 – Agreements and Related Party Transactions") covers all of the investments acquired by Barings BDC, Inc. (the "Company") from Sierra Income Corporation ("Sierra") in connection with the Sierra Merger (as defined in "Note 2 – Agreements and Related Party Transactions") and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from Sierra in connection with the Sierra Merger (collectively, the "Sierra Reference Portfolio"). Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp; The Company and Barings LLC ("Barings" or the "Adviser") 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***<u>Foreign Currency Forward Contracts:</u>*** | | | | | |
| **Description** |<br>**Notional Amount to be Purchased** |<br>**Notional Amount to be Sold** |<br>**Counterparty** |<br>**Settlement Date** |<br>**Unrealized Appreciation (Depreciation)** |
| Foreign currency forward contract (AUD) | A$2,000 | $1301 | BNP Paribas SA | 09/30/25 | $12 |
| Foreign currency forward contract (AUD) | $36480 | A$55,830 | BNP Paribas SA | 09/30/25 | (176) |
| Foreign currency forward contract (CAD) | $42 | C$58 | BNP Paribas SA | 09/29/25 |  |
| Foreign currency forward contract (CAD) | $1718 | C$2,339 | HSBC Bank USA | 09/29/25 | (4) |
| Foreign currency forward contract (DKK) | $493 | 3,192kr. | HSBC Bank USA | 09/30/25 | (13) |
| Foreign currency forward contract (EUR) | $163760 | €142,348 | BNP Paribas SA | 09/30/25 | (4328) |
| Foreign currency forward contract (NZD) | $9120 | NZ$15,040 | BNP Paribas SA | 09/30/25 | (37) |
| Foreign currency forward contract (NOK) | $4747 | 47,927kr | BNP Paribas SA | 09/30/25 | 8 |
| Foreign currency forward contract (GBP) | $80160 | £59,288 | BNP Paribas SA | 09/30/25 | (1133) |
| Foreign currency forward contract (SEK) | $1876 | 17,887kr | BNP Paribas SA | 09/30/25 | (12) |
| Foreign currency forward contract (CHF) | $5322 | 4,315Fr. | HSBC Bank USA | 09/30/25 | (160) |
| **Total Foreign Currency Forward Contracts, June 30, 2025** | **Total Foreign Currency Forward Contracts, June 30, 2025** |  |  |  | $(5843) |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company's investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company's board of directors (the "Board"), and the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company's portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR"), the Euro Interbank Offered Rate ("EURIBOR"), the Bank Bill Swap Bid Rate ("BBSY"), the Stockholm Interbank Offered Rate

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

("STIBOR"), the Canadian Overnight Repo Rate Average ("CORRA"), the Sterling Overnight Index Average ("SONIA"), the Swiss Average Rate Overnight ("SARON"), the Norwegian Interbank Offered Rate ("NIBOR"), the Bank Bill Market rate ("BKBM") or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company's portfolio company investments (including joint venture investments), which as of June 30, 2025 represented 223.1% 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 24.4% of total investments at fair value as of June 30, 2025. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled "Affiliate Investments" for the six months ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2024<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **June 30, <br>2025<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2024<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **June 30, <br>2025<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Biolam | First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 8.7% PIK)<sup>(e)</sup> | $— | $1121 | $— | $— | $316 | $1437 | $(12) |
| Biolam | Common Stock <br>(851,507 shares) |  |  |  |  |  |  |  |
| Biolam | Convertible Bonds <br>(1,586,655 shares) |  |  |  |  |  |  |  |
| Biolam | Ordinary Shares <br>(15,191,001 shares) |  |  |  |  |  |  |  |
| Biolam | Preferred Stock A <br>(41,692 shares) |  |  |  |  |  |  |  |
| Biolam | Preferred Stock A2 <br>(13,538 shares) |  |  |  |  |  |  |  |
| Biolam | Preferred Stock B <br>(1,529,216 shares) |  |  |  |  |  |  |  |
| Biolam | Preferred Stock C <br>(11,153 shares) |  |  |  |  |  |  |  |
| Biolam | Preferred Stock O1 <br>(1,336,662 shares) |  |  |  |  |  |  |  |
| Biolam | Preferred Stock O2 <br>(134,616 shares) |  |  |  |  |  |  |  |
| Biolam | Warrants (2,600,000 units) |  |  |  |  |  |  |  |
|  |  |  | 1121 |  |  | 316 | 1437 | (12) |
| Celebration Bidco, LLC<sup>(d)</sup> | First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% PIK) | 6414 | 1750 |  |  | (340) | 7824 | 471 |
| Celebration Bidco, LLC<sup>(d)</sup> | Common Stock <br>(1,243,071 shares) | 11262 |  |  |  | (3816) | 7446 |  |
| Celebration Bidco, LLC<sup>(d)</sup> |  | 17676 | 1750 |  |  | (4156) | 15270 | 471 |
| Celebration Bidco, LLC<sup>(d)</sup> |  |  |  |  |  |  |  |  |
| Coastal Marina Holdings, LLC<sup>(d)</sup> | Subordinated Term Loan<br>(8.0% Cash) | 15770 | 51 |  |  | 11 | 15832 | 709 |
| Coastal Marina Holdings, LLC<sup>(d)</sup> | Subordinated Term Loan <br>(8.0% Cash) | 7271 | 18 |  |  | 10 | 7299 | 322 |
| Coastal Marina Holdings, LLC<sup>(d)</sup> | LLC Units (3,518,097 units) | 16852 |  |  |  | 2955 | 19807 |  |
| Coastal Marina Holdings, LLC<sup>(d)</sup> |  | 39893 | 69 |  |  | 2976 | 42938 | 1031 |
| Eclipse Business Capital, LLC<sup>(d)</sup> | Revolver (SOFR + 6.50%, 10.9% Cash) | 10091 | 2186 | (2456) |  | (3) | 9818 | 586 |
| Eclipse Business Capital, LLC<sup>(d)</sup> | Second Lien Senior Secured Term Loan (7.5% Cash) | 4545 | 3 |  |  | (3) | 4545 | 176 |
| Eclipse Business Capital, LLC<sup>(d)</sup> | LLC units (89,447,396 units) | 136855 | 23 |  |  | 2661 | 139539 | 8152 |
| Eclipse Business Capital, LLC<sup>(d)</sup> |  | 151491 | 2212 | (2456) |  | 2655 | 153902 | 8914 |
| Jocassee Partners LLC | 9.1% Member Interest | 40761 |  |  |  | (1496) | 39265 | 2854 |
| Jocassee Partners LLC |  | 40761 |  |  |  | (1496) | 39265 | 2854 |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2024<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **June 30, <br>2025<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2024<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **June 30, <br>2025<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Rocade Holdings LLC<sup>(d)</sup>  | Preferred LP Units (71,000 units) (SOFR + 6.00%, 10.3% PIK) | $83000 | $4304 | $— | $— | $(12) | $87292 | $4303 |
| Rocade Holdings LLC<sup>(d)</sup>  | Common LP Units (23.8 units) | 243 |  |  |  | 776 | 1019 | 308 |
| Rocade Holdings LLC<sup>(d)</sup>  |  | 83243 | 4304 |  |  | 764 | 88311 | 4611 |
| Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest | 41453 |  |  |  | (1898) | 39555 | 3547 |
| Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest | 41453 |  |  |  | (1898) | 39555 | 3547 |
| Skyvault Holdings LLC<sup>(d)</sup> | First Lien Senior Secured Term Loan (12.0% Cash) | 3586 | 8734 |  |  |  | 12320 | 518 |
| Skyvault Holdings LLC<sup>(d)</sup> | LLC Units (4,046,326.8 units) | 1195 | 2860 |  |  | (9) | 4046 |  |
| Skyvault Holdings LLC<sup>(d)</sup> |  | 4781 | 11594 |  |  | (9) | 16366 | 518 |
| Thompson Rivers LLC | 16.0% Member Interest | 7208 |  | (1598) |  | (76) | 5534 |  |
| Thompson Rivers LLC |  | 7208 |  | (1598) |  | (76) | 5534 |  |
| Waccamaw River LLC | 20% Member Interest | 10730 |  | (3329) |  | (273) | 7128 | 540 |
| Waccamaw River LLC | 20% Member Interest | 10730 |  | (3329) |  | (273) | 7128 | 540 |
| **Total Affiliate Investments** | **Total Affiliate Investments** | $**397236** | $**21050** | $**(7383)** | $**—** | $**(1197)** | $**409706** | $**22474** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fair value of the investment was determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-accrual investment.

(5)&nbsp;&nbsp;&nbsp;&nbsp;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 for the six months ended June 30, 2025 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2024<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **June 30, <br>2025<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2024<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **June 30, <br>2025<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Black Angus Steakhouses, LLC<sup>(d)</sup> | First Lien Senior Secured Term Loan (14.4% PIK)<sup>(e)</sup> | $2744 | $— | $(610) | $(7481) | $5347 | $— | $(6) |
| Black Angus Steakhouses, LLC<sup>(d)</sup> | First Lien Senior Secured Term Loan (10.0% PIK)<sup>(e)</sup> |  |  |  | (9628) | 9628 |  |  |
| Black Angus Steakhouses, LLC<sup>(d)</sup> | LLC Units (44.6 units) |  |  |  |  |  |  |  |
| Black Angus Steakhouses, LLC<sup>(d)</sup> |  | 2744 |  | (610) | (17109) | 14975 |  | (6) |
| MVC Automotive Group GmbH<sup>(d)</sup> | Common Equity Interest (18,000 Shares) | 13741 |  |  |  | (1746) | 11995 |  |
| MVC Automotive Group GmbH<sup>(d)</sup> |  | 13741 |  |  |  | (1746) | 11995 |  |
| MVC Private Equity Fund LP | General Partnership Interest<br>(1,831.4 units) |  |  |  | (183) | 183 |  |  |
| MVC Private Equity Fund LP | Limited Partnership Interest<br>(71,790.4 units) | 11 |  | (116) | (7166) | 7271 |  |  |
| MVC Private Equity Fund LP |  | 11 |  | (116) | (7349) | 7454 |  |  |

---

------

**Barings BDC, Inc.**

**Unaudited Consolidated Schedule of Investments — (Continued)** 

**June 30, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2024<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **June 30, <br>2025<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2024<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **June 30, <br>2025<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Security Holdings B.V<sup>(d)</sup> | Bridge Loan (5.0% PIK) | $6655 | $168 | $— | $— | $— | $6823 | $168 |
| Security Holdings B.V<sup>(d)</sup> | Revolver (6.0% PIK) | 5333 | 165 | (3) | 2 | 724 | 6221 | 188 |
| Security Holdings B.V<sup>(d)</sup> | Senior Subordinated Term Loan (3.1% PIK) | 11191 | 196 |  |  |  | 11387 | 177 |
| Security Holdings B.V<sup>(d)</sup> | Senior Unsecured Term Loan (9.0% PIK) | 2293 | 169 |  |  | 316 | 2778 | 197 |
| Security Holdings B.V<sup>(d)</sup> | Common Stock Series A (17,100 shares) | 399 |  |  |  | 92 | 491 |  |
| Security Holdings B.V<sup>(d)</sup> | Common Stock Series B (1,236 shares) | 37296 |  |  |  | 8632 | 45928 | 2817 |
| Security Holdings B.V<sup>(d)</sup> |  | 63167 | 698 | (3) | 2 | 9764 | 73628 | 3547 |
| **Total Control Investments** | **Total Control Investments** | $**79663** | $**698** | $**(729)** | $**(24456)** | $**30447** | $**85623** | $**3541** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fair value of the investment was determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-accrual investment.

(6)All of the investment is or will be encumbered as security for the Company's $0.8 billion senior secured credit facility with ING Capital LLC ("ING") 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 EURIBOR, which as of June 30, 2025 was 1.93400%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of June 30, 2025 was 1.94400%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of June 30, 2025 was 2.04900%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of June 30, 2025 was 4.32229%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of June 30, 2025 was 4.29235%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of June 30, 2025 was 4.14656%.

(15)The interest rate on these loans is subject to 1 Month SONIA, which as of June 30, 2025 was 4.22390%.

(16)The interest rate on these loans is subject to 3 Month SONIA, which as of June 30, 2025 was 4.10460%.

(17)The interest rate on these loans is subject to 6 Month SONIA, which as of June 30, 2025 was 3.99300%.

(18)The interest rate on these loans is subject to 1 Month BBSY, which as of June 30, 2025 was 3.61250%.

(19)The interest rate on these loans is subject to 3 Month BBSY, which as of June 30, 2025 was 3.60370%.

(20)The interest rate on these loans is subject to 3 Month CORRA, which as of June 30, 2025 was 2.75000%.

(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of June 30, 2025 was 2.12700%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of June 30, 2025 was 3.30000%.

(23)The interest rate on these loans is subject to 3 Month SARON, which as of June 30, 2025 was 0.17170%

(24)The interest rate on these loans is subject to 6 Month SARON, which as of June 30, 2025 was -0.03173%.

(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of June 30, 2025 was 4.31000%.

(26)Non-accrual investment.

(27)Investment was purchased from MVC Capital, Inc. ("MVC") in connection with the MVC Acquisition (as defined in "Note 2 - Agreements and Related Party Transactions").

(28)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.

(29)Investment is non-income producing.

(30)Position or portion thereof is an unfunded loan or equity commitment.

(31)PIK non-accrual investment.

(32)Portfolio company does not issue shares or units, member interest is based on commitments.

*See accompanying notes.*

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Non–Control / Non–Affiliate Investments:</u>*** | ***<u>Non–Control / Non–Affiliate Investments:</u>*** | | | | | | | | |
| ***<u>Debt Investments</u>*** | ***<u>Debt Investments</u>*** | | | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | | | | | | | | |
| Accurus Aerospace Corporation | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.3% Cash | 04/22 | 04/28 | $12008 | $11900 | $11612 | 1.0% | <sup>(7)(8)(13)</sup> |
| Accurus Aerospace Corporation | Revolver | SOFR + 5.75%, 10.3% Cash | 04/22 | 04/28 | 1844 | 1825 | 1768 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| ADB Safegate | Second Lien Senior Secured Term Loan | SOFR + 9.25%, 13.7% Cash | 08/21 | 10/27 | 7329 | 7232 | 6523 | 0.5% | <sup>(3)(7)(8)(13)</sup> |
| ATL II MRO Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.8% Cash | 11/22 | 11/28 | 19311 | 18994 | 19021 | 1.6% | <sup>(7)(8)(13)</sup> |
| ATL II MRO Holdings Inc. | Revolver | SOFR + 5.25%, 9.8% Cash | 11/22 | 11/28 |  | (50) | (49) | —% | <sup>(7)(8)(13)(30)</sup> |
| Compass Precision, LLC | Senior Subordinated Term Loan | 11.0% Cash, 1.0% PIK | 04/22 | 04/28 | 648 | 642 | 640 | 0.1% | <sup>(7)</sup> |
| GB Eagle Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.9% Cash | 12/22 | 12/30 | 9244 | 9038 | 9129 | 0.8% | <sup>(7)(8)(13)(30)</sup> |
| GB Eagle Buyer, Inc. | Revolver | SOFR + 6.25%, 10.9% Cash | 12/22 | 12/30 |  | (46) | (23) | —% | <sup>(7)(8)(13)(30)</sup> |
| Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.9% Cash | 11/19 | 02/29 | 1114 | 1155 | 1112 | 0.1% | <sup>(3)(7)(8)(11)</sup> |
| Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.8% Cash | 11/19 | 02/29 | 6589 | 6498 | 6579 | 0.6% | <sup>(3)(7)(8)(14)</sup> |
| M-Personal Protection Management GMBH (f/k/a INOS 19-090 GmbH) | First Lien Senior Secured Term Loan | EURIBOR + 5.38%, 8.1% Cash | 10/24 | 10/29 | 11106 | 11395 | 10829 | 0.9% | <sup>(3)(7)(8)(10)</sup> |
| Megawatt Acquisitionco, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.7% Cash | 03/24 | 03/30 | 4160 | 4088 | 3648 | 0.3% | <sup>(7)(8)(13)</sup> |
| Megawatt Acquisitionco, Inc. | Revolver | SOFR + 5.25%, 9.7% Cash | 03/24 | 03/30 | 189 | 178 | 108 | —% | <sup>(7)(8)(13)(30)</sup> |
| Narda Acquisitionco., Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.4% Cash | 12/21 | 12/27 | 5074 | 5030 | 5074 | 0.4% | <sup>(7)(8)(12)</sup> |
| Narda Acquisitionco., Inc. | Revolver | SOFR + 4.75%, 9.4% Cash | 12/21 | 12/27 |  | (11) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| Protego Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 10.0% Cash | 03/21 | 03/28 | 1691 | 1889 | 1646 | 0.1% | <sup>(3)(7)(8)(11)</sup> |
| Protego Bidco B.V. | Revolver | EURIBOR + 6.50%, 9.7% Cash | 03/21 | 03/27 | 2028 | 2290 | 1974 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| SISU ACQUISITIONCO., INC. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.5% Cash | 12/20 | 12/26 | 7296 | 7236 | 6591 | 0.6% | <sup>(7)(8)(13)(30)</sup> |
| Trident Maritime Systems, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.3% Cash | 02/21 | 02/27 | 15308 | 15202 | 14420 | 1.2% | <sup>(7)(8)(13)</sup> |
| Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.6% Cash | 02/23 | 02/29 | 1825 | 1825 | 1802 | 0.2% | <sup>(7)(8)(13)</sup> |
| Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.6% Cash | 07/24 | 06/29 |  | (39) | (36) | —% | <sup>(7)(8)(13)(30)</sup> |
| Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.50%, 11.1% Cash | 06/24 | 02/29 | 8525 | 8265 | 8525 | 0.7% | <sup>(7)(8)(12)</sup> |
| Whitcraft Holdings, Inc. | Revolver | SOFR + 6.50%, 11.1% Cash | 02/23 | 02/29 | 993 | 941 | 993 | 0.1% | <sup>(7)(8)(12)(30)</sup> |
| **Subtotal Aerospace & Defense (9.4%)\*** | **Subtotal Aerospace & Defense (9.4%)\*** |  |  |  | **116282** | **115477** | **111886** |  |  |
| **Automotive** | **Automotive** |  |  |  |  |  |  |  |  |
| Burgess Point Purchaser Corporation | Second Lien Senior Secured Term Loan | SOFR + 9.00%, 14.2% Cash | 07/22 | 07/30 | 4545 | 4405 | 4364 | 0.4% | <sup>(7)(8)(14)</sup> |
| Innovative XCessories & Services, LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 9.0% Cash | 02/22 | 03/27 | 2854 | 2802 | 2746 | 0.2% | <sup>(8)(13)(28)</sup> |
| OAC Holdings I Corp | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.7% Cash | 03/22 | 03/29 | 3539 | 3496 | 3539 | 0.3% | <sup>(7)(8)(12)</sup> |
| OAC Holdings I Corp | Revolver | SOFR + 5.00%, 9.7% Cash | 03/22 | 03/28 |  | (15) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| Randys Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.2% Cash | 11/22 | 11/28 | 11019 | 10758 | 10873 | 0.9% | <sup>(7)(8)(13)(30)</sup> |
| Randys Holdings, Inc. | Revolver | SOFR + 6.25%, 11.2% Cash | 11/22 | 11/28 | 633 | 597 | 613 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| SPATCO Energy Solutions, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 07/24 | 07/30 | 7123 | 6962 | 6990 | 0.6% | <sup>(7)(8)(13)(30)</sup> |
| SPATCO Energy Solutions, LLC | Revolver | SOFR + 5.00%, 9.6% Cash | 07/24 | 07/30 |  | (22) | (18) | —% | <sup>(7)(8)(13)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| SVI International LLC | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.3% Cash | 03/24 | 03/30 | $589 | $577 | $583 | —% | <sup>(7)(8)(13)(30)</sup> |
| SVI International LLC | Revolver | SOFR + 6.75%, 11.3% Cash | 03/24 | 03/30 |  | (1) | (1) | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Automotive (2.5%)\*** | **Subtotal Automotive (2.5%)\*** |  |  |  | **30302** | **29559** | **29689** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Apus Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.50%, 10.7% Cash | 02/21 | 03/28 | 3608 | 3913 | 3608 | 0.3% | <sup>(3)(7)(8)(17)</sup> |
| Beyond Risk Management, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.2% Cash | 10/21 | 10/27 | 5322 | 5242 | 5322 | 0.4% | <sup>(7)(8)(13)(30)</sup> |
| DreamStart Bidco SAS (d/b/a SmartTrade) | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 8.6% Cash | 03/20 | 03/27 | 2202 | 2333 | 2202 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| Finaxy Holding | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 9.3% Cash | 11/23 | 11/30 | 3899 | 3935 | 3872 | 0.3% | <sup>(3)(7)(8)(11)</sup> |
| Groupe Guemas | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 9.4% Cash | 10/23 | 09/30 | 4826 | 4821 | 4747 | 0.4% | <sup>(3)(7)(8)(11)</sup> |
| Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 9.3% Cash | 09/19 | 09/26 | 3136 | 3676 | 3042 | 0.3% | <sup>(3)(7)(8)(11)</sup> |
| IM Square | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 8.8% Cash | 05/21 | 05/28 | 2589 | 2960 | 2533 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| Policy Services Company, LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.9% Cash, 4.0% PIK | 12/21 | 06/26 | 53465 | 52938 | 52940 | 4.4% | <sup>(7)(8)(13)</sup> |
| Premium Invest | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 9.1% Cash | 06/21 | 12/30 | 8750 | 8879 | 8750 | 0.7% | <sup>(3)(7)(8)(10)(30)</sup> |
| Preqin MC Limited | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.2% Cash | 08/21 | 07/28 | 2789 | 2740 | 2789 | 0.2% | <sup>(3)(7)(8)(14)</sup> |
| Russell Investments US Institutional Holdco, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.2% Cash, 1.5% PIK | 04/24 | 05/27 | 523 | 491 | 508 | —% | <sup>(7)(8)(13)</sup> |
| Shelf Bidco Ltd | Second Out Term Loan | SOFR + 5.00%, 9.6% Cash | 08/24 | 08/31 | 12214 | 12154 | 12153 | 1.0% | <sup>(3)(7)(8)(13)</sup> |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.8% Cash | 10/21 | 12/27 | 2647 | 2621 | 2647 | 0.2% | <sup>(7)(8)(13)</sup> |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Revolver | SOFR + 4.25%, 8.8% Cash | 10/21 | 12/27 |  | (7) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Subordinated Term Loan | SOFR + 7.75%, 9.0% Cash, 3.2% PIK | 10/21 | 10/28 | 3791 | 3750 | 3791 | 0.3% | <sup>(7)(8)(14)</sup> |
| THG Acquisition, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.3% Cash | 10/24 | 10/31 | 10314 | 10190 | 10187 | 0.9% | <sup>(7)(8)(12)(30)</sup> |
| THG Acquisition, LLC | Revolver | SOFR + 4.75%, 9.3% Cash | 10/24 | 10/31 | 112 | 98 | 97 | —% | <sup>(7)(8)(12)(30)</sup> |
| Turbo Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.8% Cash | 11/21 | 12/25 | 8162 | 8121 | 7754 | 0.7% | <sup>(7)(8)(13)</sup> |
| WEST-NR ACQUISITIONCO, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.7% Cash | 08/23 | 02/25 | 2558 | 2500 | 2502 | 0.2% | <sup>(7)(8)(13)(30)</sup> |
| WEST-NR ACQUISITIONCO, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.7% Cash | 08/23 | 12/27 | 6029 | 5957 | 5959 | 0.5% | <sup>(7)(8)(13)</sup> |
| WEST-NR ACQUISITIONCO, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.7% Cash | 12/24 | 12/29 | 1978 | 1809 | 1816 | 0.2% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (11.5%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (11.5%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (11.5%)\*** |  |  | **138914** | **139121** | **137219** |  |  |
| **Beverage, Food, & Tobacco** | **Beverage, Food, & Tobacco** |  |  |  |  |  |  |  |  |
| CTI Foods Holdings Co., LLC | 2024 LIFO Term Loan | SOFR + 10.00%, 14.7% PIK | 02/24 | 05/26 | 4211 | 4067 | 4211 | 0.4% | <sup>(7)(8)(13)</sup> |
| CTI Foods Holdings Co., LLC | First Out Term Loan | SOFR + 10.00%, 14.7% PIK | 02/24 | 05/26 | 2860 | 2797 | 2860 | 0.2% | <sup>(7)(8)(13)</sup> |
| CTI Foods Holdings Co., LLC | Second Out Term Loan | SOFR + 12.00%, 16.7% PIK | 02/24 | 05/26 | 597 | 597 | 597 | 0.1% | <sup>(7)(8)(13)</sup> |
| Innovad Group II BV | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 8.7% Cash | 04/21 | 04/28 | 6383 | 7116 | 6383 | 0.5% | <sup>(3)(7)(8)(11)</sup> |
| Innovad Group II BV | First Lien Senior Secured Term Loan | SARON + 5.00%, 6.0% Cash | 05/23 | 04/28 | 1012 | 1019 | 1012 | 0.1% | <sup>(3)(7)(8)(24)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Riedel Beheer B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 9.6% Cash | 12/21 | 12/28 | $2147 | $2265 | $1963 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| Woodland Foods, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.9% Cash | 12/21 | 12/27 | 6158 | 6092 | 6097 | 0.5% | <sup>(7)(8)(13)</sup> |
| Woodland Foods, LLC | Revolver | SOFR + 5.25%, 9.9% Cash | 12/21 | 12/27 | 1065 | 1041 | 1043 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| ZB Holdco LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.3% Cash | 02/22 | 02/28 | 9188 | 9057 | 9053 | 0.8% | <sup>(7)(8)(13)</sup> |
| ZB Holdco LLC | Revolver | SOFR + 5.50%, 10.3% Cash | 02/22 | 02/28 | 507 | 498 | 495 | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Beverage, Food, & Tobacco (2.8%)\*** | **Subtotal Beverage, Food, & Tobacco (2.8%)\*** |  |  |  | **34128** | **34549** | **33714** |  |  |
| **Capital Equipment** | **Capital Equipment** |  |  |  |  |  |  |  |  |
| AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.4% Cash | 11/23 | 11/29 | 2745 | 2707 | 2710 | 0.2% | <sup>(7)(8)(13)</sup> |
| AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 11/23 | 11/29 | 3866 | 3754 | 3828 | 0.3% | <sup>(7)(8)(13)(30)</sup> |
| AirX Climate Solutions, Inc. | Revolver | SOFR + 5.75%, 10.2% Cash | 11/23 | 11/29 |  | (15) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| APC1 Holding | First Lien Senior Secured Term Loan | EURIBOR + 5.40%, 8.7% Cash | 07/22 | 07/29 | 2382 | 2324 | 2370 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| BPG Holdings IV Corp | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.6% Cash | 03/23 | 07/29 | 14112 | 13442 | 12560 | 1.1% | <sup>(7)(8)(13)</sup> |
| Brown Machine Group Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.7% Cash | 10/18 | 10/25 | 6088 | 6078 | 5716 | 0.5% | <sup>(7)(8)(12)</sup> |
| Cobham Slip Rings SAS | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.9% Cash | 11/21 | 11/28 | 1303 | 1286 | 1303 | 0.1% | <sup>(3)(7)(8)(14)</sup> |
| Polara Enterprises, L.L.C. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.5% Cash | 12/21 | 12/27 | 957 | 947 | 957 | 0.1% | <sup>(7)(8)(13)</sup> |
| Polara Enterprises, L.L.C. | Revolver | SOFR + 4.75%, 9.5% Cash | 12/21 | 12/27 |  | (5) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| Process Equipment, Inc. (ProcessBarron) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.8% Cash | 03/19 | 09/26 | 5338 | 5335 | 5338 | 0.4% | <sup>(7)(8)(14)</sup> |
| Process Insights Acquisition, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.6% Cash | 07/23 | 07/29 | 5264 | 5157 | 5134 | 0.4% | <sup>(7)(8)(13)(30)</sup> |
| Process Insights Acquisition, Inc. | Revolver | SOFR + 6.25%, 10.6% Cash | 07/23 | 07/29 | 910 | 891 | 889 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| Rapid Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.4% Cash | 10/24 | 10/30 | 5439 | 5321 | 5313 | 0.4% | <sup>(7)(8)(14)(30)</sup> |
| Rapid Buyer LLC | Revolver | SOFR + 4.75%, 9.4% Cash | 10/24 | 10/30 |  | (21) | (22) | —% | <sup>(7)(8)(13)(30)</sup> |
| TAPCO Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 11/24 | 11/30 | 13845 | 13523 | 13517 | 1.1% | <sup>(7)(8)(13)(30)</sup> |
| TAPCO Buyer LLC | Revolver | SOFR + 5.00%, 9.5% Cash | 11/24 | 11/30 |  | (43) | (44) | —% | <sup>(7)(8)(13)(30)</sup> |
| Tencarva Machinery Company, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.8% Cash | 12/21 | 12/27 | 8465 | 8368 | 8364 | 0.7% | <sup>(7)(8)(13)</sup> |
| Tencarva Machinery Company, LLC | Revolver | SOFR + 5.00%, 9.8% Cash | 12/21 | 12/27 |  | (15) | (18) | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Capital Equipment (5.7%)\*** | **Subtotal Capital Equipment (5.7%)\*** |  |  |  | **70714** | **69034** | **67915** |  |  |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |
| Americo Chemical Products, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 04/23 | 04/29 | 2651 | 2604 | 2611 | 0.2% | <sup>(7)(8)(12)</sup> |
| Americo Chemical Products, LLC | Revolver | SOFR + 5.00%, 9.6% Cash | 04/23 | 04/29 |  | (9) | (7) | —% | <sup>(7)(8)(12)(30)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.20%, 9.3% Cash | 11/21 | 10/28 | 3025 | 3192 | 2995 | 0.3% | <sup>(3)(7)(8)(10)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.20%, 9.9% Cash | 01/23 | 10/28 | 1589 | 1592 | 1576 | 0.1% | <sup>(3)(7)(8)(11)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.95%, 10.7% Cash | 04/22 | 10/28 | 913 | 947 | 904 | 0.1% | <sup>(3)(7)(8)(11)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | SOFR + 6.20%, 11.5% Cash | 06/22 | 10/28 | 1019 | 1019 | 1008 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| Aptus 1829. GmbH | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 8.4% Cash | 09/21 | 09/27 | 2228 | 2484 | 1994 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| Polymer Solutions Group Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 7.00%, 11.3% Cash | 02/22 | 10/25 | 993 | 993 | 554 | —% | <sup>(7)(8)(12)(26)(28)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (1.0%)\*** | **Subtotal Chemicals, Plastics, & Rubber (1.0%)\*** | **Subtotal Chemicals, Plastics, & Rubber (1.0%)\*** |  |  | **12418** | **12822** | **11635** |  |  |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Construction & Building** | **Construction & Building** | | | | | | | | |
| BKF Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 08/24 | 08/30 | $8158 | $8013 | $8015 | 0.7% | <sup>(7)(8)(12)</sup> |
| BKF Buyer, Inc. | Revolver | SOFR + 5.00%, 9.3% Cash | 08/24 | 08/30 |  | (52) | (52) | —% | <sup>(7)(8)(12)(30)</sup> |
| EMI Porta Holdco LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.5% Cash | 12/21 | 12/27 | 12403 | 12268 | 11696 | 1.0% | <sup>(7)(8)(13)</sup> |
| EMI Porta Holdco LLC | Revolver | SOFR + 5.75%, 10.5% Cash | 12/21 | 12/27 | 712 | 683 | 543 | —% | <sup>(7)(8)(13)(30)</sup> |
| MNS Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 08/21 | 08/27 | 662 | 656 | 662 | 0.1% | <sup>(7)(8)(13)</sup> |
| Ocelot Holdco LLC | Super Senior Takeback Loan | 10.0% Cash | 10/23 | 10/27 | 549 | 549 | 549 | —% | <sup>(7)(8)</sup> |
| Ocelot Holdco LLC | Takeback Term Loan | 10.0% Cash | 10/23 | 10/27 | 2933 | 2933 | 2933 | 0.2% | <sup>(7)(8)</sup> |
| **Subtotal Construction & Building (2.0%)\*** | **Subtotal Construction & Building (2.0%)\*** |  |  |  | **25417** | **25050** | **24346** |  |  |
| **Consumer goods: Durable** | **Consumer goods: Durable** |  |  |  |  |  |  |  |  |
| DecksDirect, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.9% Cash | 12/21 | 12/26 | 1573 | 1552 | 1383 | 0.1% | <sup>(7)(8)(13)</sup> |
| DecksDirect, LLC | Revolver | SOFR + 6.25%, 10.9% Cash | 12/21 | 12/26 | 347 | 343 | 301 | —% | <sup>(7)(8)(13)(30)</sup> |
| Gojo Industries, Inc. | First Lien Senior Secured Term Loan | SOFR + 9.50%, 9.8% Cash, 4.5% PIK | 10/23 | 10/28 | 13185 | 12874 | 12883 | 1.1% | <sup>(7)(8)(13)</sup> |
| HTI Technology & Industries | First Lien Senior Secured Term Loan | SOFR + 8.50%, 13.5% Cash | 07/22 | 07/25 | 11091 | 11052 | 10421 | 0.9% | <sup>(7)(8)(13)(30)</sup> |
| HTI Technology & Industries | Revolver | SOFR + 8.50%, 13.5% Cash | 07/22 | 07/25 |  | (4) | (70) | —% | <sup>(7)(8)(13)(30)</sup> |
| Lifestyle Intermediate II, LLC | First Lien Senior Secured Term Loan | SOFR + 7.00%, 11.9% Cash | 02/22 | 01/26 | 2992 | 2992 | 2812 | 0.2% | <sup>(7)(8)(13)(28)</sup> |
| Renovation Parent Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.1% Cash | 11/21 | 11/27 | 4709 | 4651 | 4308 | 0.4% | <sup>(7)(8)(13)</sup> |
| Team Air Distributing, LLC | First Lien Senior Secured Term Loan | 12.0% Cash | 12/24 | 12/29 | 36 | 35 | 35 | —% | <sup>(7)</sup> |
| Team Air Distributing, LLC | Subordinated Term Loan | 12.0% Cash | 05/23 | 05/28 | 717 | 705 | 702 | 0.1% | <sup>(7)</sup> |
| Terrybear, Inc. | Subordinated Term Loan | 10.0% Cash, 4.0% PIK | 04/22 | 04/28 | 285 | 282 | 268 | —% | <sup>(7)</sup> |
| Victoria Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 11.7% Cash | 03/22 | 09/30 | 3904 | 4081 | 3787 | 0.3% | <sup>(3)(7)(8)(17)</sup> |
| **Subtotal Consumer goods: Durable (3.1%)\*** | **Subtotal Consumer goods: Durable (3.1%)\*** | **Subtotal Consumer goods: Durable (3.1%)\*** | **Subtotal Consumer goods: Durable (3.1%)\*** |  | **38839** | **38563** | **36830** |  |  |
| **Consumer goods: Non-durable** | **Consumer goods: Non-durable** |  |  |  |  |  |  |  |  |
| Bidwax | First Lien Senior Secured Term Loan | EURIBOR + 6.40%, 9.2% Cash | 02/21 | 02/28 | 7249 | 8148 | 7088 | 0.6% | <sup>(3)(7)(8)(11)</sup> |
| CCFF Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.8% Cash | 02/24 | 02/30 | 5915 | 5788 | 5809 | 0.5% | <sup>(7)(8)(13)(30)</sup> |
| CCFF Buyer, LLC | Revolver | SOFR + 5.25%, 9.8% Cash | 02/24 | 02/30 |  | (18) | (15) | —% | <sup>(7)(8)(13)(30)</sup> |
| David Wood Baking UK Ltd | First Lien Senior Secured Term Loan | SONIA + 10.00%, 14.7% Cash | 04/24 | 04/29 | 861 | 820 | 818 | 0.1% | <sup>(3)(7)(8)(17)</sup> |
| Herbalife Ltd. | First Lien Senior Secured Term Loan | SOFR + 6.75%, 12.1% Cash | 04/24 | 04/29 | 3333 | 3130 | 3294 | 0.3% | <sup>(3)(8)(12)</sup> |
| Ice House America, L.L.C. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.1% Cash | 01/24 | 01/30 | 4577 | 4483 | 4482 | 0.4% | <sup>(7)(8)(13)(30)</sup> |
| Ice House America, L.L.C. | Revolver | SOFR + 5.50%, 10.1% Cash | 01/24 | 01/30 | 194 | 186 | 186 | —% | <sup>(7)(8)(13)(30)</sup> |
| Isagenix International, LLC | First Lien Senior Secured Term Loan | SOFR + 6.50%, 11.2% Cash | 04/23 | 04/28 | 914 | 668 | 160 | —% | <sup>(7)(8)(13)(28)</sup> |
| Modern Star Holdings Bidco Pty Limited. | First Lien Senior Secured Term Loan | BBSY + 6.00%, 10.4% Cash | 12/20 | 12/26 | 7008 | 8268 | 7008 | 0.6% | <sup>(3)(7)(8)(18)(30)</sup> |
| Safety Products Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 12/20 | 12/26 | 14812 | 14716 | 14812 | 1.2% | <sup>(7)(8)(13)</sup> |
| **Subtotal Consumer goods: Non-durable (3.7%)\*** | **Subtotal Consumer goods: Non-durable (3.7%)\*** | **Subtotal Consumer goods: Non-durable (3.7%)\*** |  |  | **44863** | **46189** | **43642** |  |  |
| **Containers, Packaging, & Glass** | **Containers, Packaging, & Glass** |  |  |  |  |  |  |  |  |
| Brook & Whittle Holding Corp. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 8.7% Cash | 02/22 | 12/28 | 2770 | 2751 | 2461 | 0.2% | <sup>(8)(13)(28)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Diversified Packaging Holdings LLC | Second Lien Senior Secured Term Loan | 11.0% Cash, 1.5% PIK | 06/24 | 06/29 | $729 | $715 | $717 | 0.1% | <sup>(7)</sup> |
| Five Star Holding LLC | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 11.8% Cash | 05/22 | 05/30 | 13692 | 13489 | 13198 | 1.1% | <sup>(7)(8)(13)</sup> |
| Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.5% Cash | 09/24 | 09/30 | 1771 | 1746 | 1747 | 0.1% | <sup>(7)(8)(13)</sup> |
| Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan | SONIA + 4.75%, 9.6% Cash | 09/24 | 09/30 | 3827 | 4039 | 3775 | 0.3% | <sup>(7)(8)(15)</sup> |
| Media Recovery, Inc. (SpotSee) | Revolver | SOFR + 4.75%, 9.5% Cash | 09/24 | 09/30 |  | (9) | (9) | —% | <sup>(7)(8)(13)(30)</sup> |
| Media Recovery, Inc. (SpotSee) | Revolver | SONIA + 4.75%, 9.6% Cash | 09/24 | 09/30 |  | (11) | (10) | —% | <sup>(7)(8)(15)(30)</sup> |
| OG III B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 8.9% Cash | 06/21 | 06/28 | 3279 | 3695 | 3241 | 0.3% | <sup>(3)(7)(8)(10)</sup> |
| Tank Holding Corp | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 03/22 | 03/28 | 7902 | 7794 | 7792 | 0.7% | <sup>(7)(8)(14)</sup> |
| Tank Holding Corp | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.7% Cash | 05/23 | 03/28 | 2901 | 2836 | 2868 | 0.2% | <sup>(7)(8)(12)(30)</sup> |
| Tank Holding Corp | Revolver | SOFR + 5.75%, 10.2% Cash | 03/22 | 03/28 |  | (11) | (12) | —% | <sup>(7)(8)(14)(30)</sup> |
| **Subtotal Containers, Packaging, & Glass (3.0%)\*** | **Subtotal Containers, Packaging, & Glass (3.0%)\*** | **Subtotal Containers, Packaging, & Glass (3.0%)\*** |  |  | **36871** | **37034** | **35768** |  |  |
| **Energy: Electricity** | **Energy: Electricity** |  |  |  |  |  |  |  |  |
| WWEC Holdings III Corp | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.4% Cash | 10/22 | 10/28 | 12221 | 11997 | 12050 | 1.0% | <sup>(7)(8)(13)</sup> |
| WWEC Holdings III Corp | Revolver | SOFR + 5.75%, 10.4% Cash | 10/22 | 10/28 |  | (35) | (35) | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Energy: Electricity (1.0%)\*** | **Subtotal Energy: Electricity (1.0%)\*** |  |  |  | **12221** | **11962** | **12015** |  |  |
| **Environmental Industries** | **Environmental Industries** |  |  |  |  |  |  |  |  |
| Bridger Aerospace Group Holdings, LLC | Municipal Revenue Bond | 11.5% Cash | 07/22 | 09/27 | 27200 | 27200 | 27859 | 2.3% |  |
| EB Development | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 8.3% Cash | 11/24 | 11/27 | 2036 | 1996 | 1971 | 0.2% | <sup>(3)(7)(8)(10)(30)</sup> |
| Entact Environmental Services, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.4% Cash | 02/21 | 01/27 | 6704 | 6671 | 6624 | 0.6% | <sup>(7)(8)(13)</sup> |
| Northstar Recycling, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.0% Cash | 12/24 | 12/30 | 17178 | 16911 | 16910 | 1.4% | <sup>(7)(8)(13)(30)</sup> |
| Northstar Recycling, LLC | Revolver | SOFR + 4.75%, 9.0% Cash | 12/24 | 12/30 |  | (44) | (44) | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Environmental Industries (4.5%)\*** | **Subtotal Environmental Industries (4.5%)\*** |  |  |  | **53118** | **52734** | **53320** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| A.T. Holdings II LTD | First Lien Senior Secured Term Loan | 6.7% Cash, 7.6% PIK | 11/22 | 09/29 | 12886 | 11875 | 8479 | 0.7% | <sup>(3)(7)(31)</sup> |
| Amalfi Midco | Second Lien Senior Secured Term Loan | 17.5% PIK | 09/22 | 10/28 | 290 | 301 | 290 | —% | <sup>(3)(7)</sup> |
| Amalfi Midco | Subordinated Loan Notes | 2.0% Cash, 9.0% PIK | 09/22 | 09/28 | 5943 | 5416 | 5492 | 0.5% | <sup>(3)(7)</sup> |
| APOG Bidco Pty Ltd | Second Lien Senior Secured Term Loan | BBSY + 7.30%, 12.0% Cash | 04/22 | 03/30 | 864 | 1030 | 864 | 0.1% | <sup>(3)(7)(8)(20)</sup> |
| Astra Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 8.5% Cash | 11/21 | 11/28 | 396 | 408 | 396 | —% | <sup>(3)(7)(8)(10)</sup> |
| Astra Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.75%, 10.5% Cash | 11/21 | 11/28 | 2365 | 2451 | 2365 | 0.2% | <sup>(3)(7)(8)(17)(30)</sup> |
| Avance Clinical Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 4.50%, 8.9% Cash | 11/21 | 11/27 | 1967 | 2204 | 1967 | 0.2% | <sup>(3)(7)(8)(19)(30)</sup> |
| Biolam Group | First Lien Senior Secured Term Loan | EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK | 12/22 | 12/29 | 2411 | 2517 | 1406 | 0.1% | <sup>(3)(7)(8)(11)(26)</sup><br><sup>(30)</sup> |
| BVI Medical, Inc. | Second Lien Senior Secured Term Loan | EURIBOR + 9.50%, 12.8% Cash | 06/22 | 06/26 | 9607 | 9614 | 9482 | 0.8% | <sup>(7)(8)(10)</sup> |
| Canadian Orthodontic Partners Corp. | First Lien Senior Secured Term Loan | CORRA + 7.00% PIK, 10.3% PIK | 06/21 | 12/26 | 1585 | 1860 | 360 | —% | <sup>(3)(7)(8)(21)(26)</sup> |
| Canadian Orthodontic Partners Corp. | Super Senior Secured Term Loan | 15.0% PIK | 04/24 | 12/26 | 65 | 64 | 185 | —% | <sup>(3)(7)(30)</sup> |
| Ceres Pharma NV | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.9% Cash | 10/21 | 10/28 | 3206 | 3292 | 3167 | 0.3% | <sup>(3)(7)(8)(11)</sup> |
| Coherus Biosciences, Inc. | First Lien Senior Secured Term Loan | SOFR + 8.00%, 12.6% Cash | 05/24 | 05/29 | 3991 | 3883 | 3903 | 0.3% | <sup>(7)(8)(13)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Dune Group | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.6% Cash | 09/21 | 09/28 | $120 | $117 | $91 | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| Dune Group | First Lien Senior Secured Term Loan | SOFR + 4.00%, 8.8% Cash | 09/21 | 09/28 | 204 | 204 | 193 | —% | <sup>(3)(7)(8)(13)</sup> |
| Dune Group | First Lien Senior Secured Term Loan | SOFR + 4.00%, 6.3% Cash, 2.3% PIK | 09/21 | 09/28 | 1230 | 1218 | 1164 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| Ellkay, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 8.0% Cash, 2.0% PIK | 09/21 | 09/27 | 4924 | 4875 | 4348 | 0.4% | <sup>(7)(8)(13)</sup> |
| Faraday | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 9.6% Cash | 01/23 | 01/30 | 1577 | 1600 | 1552 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |
| Finexvet | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.2% Cash | 03/22 | 03/29 | 4685 | 4872 | 4613 | 0.4% | <sup>(3)(7)(8)(11)</sup> |
| Forest Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 03/24 | 03/30 | 6134 | 6049 | 6091 | 0.5% | <sup>(7)(8)(13)</sup> |
| Forest Buyer, LLC | Revolver | SOFR + 5.00%, 9.6% Cash | 03/24 | 03/30 |  | (6) | (2) | —% | <sup>(7)(8)(13)(30)</sup> |
| GCDL LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.4% Cash | 08/24 | 08/27 | 539 | 529 | 529 | —% | <sup>(7)(8)(13)(30)</sup> |
| GCDL LLC | Revolver | SOFR + 6.00%, 10.4% Cash | 08/24 | 08/27 |  | (2) | (2) | —% | <sup>(7)(8)(13)(30)</sup> |
| GPNZ II GmbH | First Lien Senior Secured Term Loan | 10.0% PIK | 06/22 | 06/29 | 271 | 285 | 271 | —% | <sup>(3)(7)</sup> |
| GPNZ II GmbH | First Lien Senior Secured Term Loan | 10.0% PIK | 11/24 | 02/30 | 33 | 34 | 33 | —% | <sup>(3)(7)(8)(30)</sup> |
| GPNZ II GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.7% Cash | 06/22 | 06/29 | 446 | 446 | 189 | —% | <sup>(3)(7)(8)(9)(26)</sup> |
| Groupe Product Life | First Lien Senior Secured Term Loan | EURIBOR + 5.45%, 8.5% Cash | 10/22 | 10/29 | 888 | 874 | 871 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |
| HeartHealth Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.25%, 9.7% Cash | 09/22 | 09/28 | 694 | 704 | 602 | 0.1% | <sup>(3)(7)(8)(19)</sup> |
| Heartland Veterinary Partners, LLC | Subordinated Term Loan | 11.0% PIK | 11/21 | 12/28 | 14000 | 13840 | 12865 | 1.1% | <sup>(7)</sup> |
| HemaSource, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.3% Cash | 08/23 | 08/29 | 7267 | 7116 | 7267 | 0.6% | <sup>(7)(8)(12)</sup> |
| HemaSource, Inc. | Revolver | SOFR + 4.75%, 9.3% Cash | 08/23 | 08/29 |  | (35) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| Home Care Assistance, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 03/21 | 03/27 | 3706 | 3677 | 3524 | 0.3% | <sup>(7)(8)(13)</sup> |
| Hygie 31 Holding | First Lien Senior Secured Term Loan | EURIBOR + 5.63%, 8.8% Cash | 09/22 | 09/29 | 1512 | 1378 | 1502 | 0.1% | <sup>(3)(7)(8)(11)</sup> |
| ISTO Technologies II, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 10/23 | 10/28 | 6726 | 6598 | 6706 | 0.6% | <sup>(7)(8)(14)</sup> |
| ISTO Technologies II, LLC | Revolver | SOFR + 5.00%, 9.6% Cash | 10/23 | 10/28 |  | (14) | (2) | —% | <sup>(7)(8)(14)(30)</sup> |
| Jon Bidco Limited | First Lien Senior Secured Term Loan | BKBM + 4.50%, 9.5% Cash | 03/22 | 03/27 | 3720 | 4430 | 3720 | 0.3% | <sup>(3)(7)(8)(23)(30)</sup> |
| Keystone Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 8.1% Cash | 08/24 | 08/31 | 695 | 728 | 677 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |
| Keystone Bidco B.V. | Revolver | EURIBOR + 5.25%, 8.1% Cash | 08/24 | 05/31 | 19 | 18 | 18 | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| Lambir Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.7% Cash | 12/21 | 12/28 | 2048 | 2159 | 1952 | 0.2% | <sup>(3)(7)(8)(11)(30)</sup> |
| Lambir Bidco Limited | Second Lien Senior Secured Term Loan | 12.0% PIK | 12/21 | 06/29 | 1841 | 1947 | 1721 | 0.1% | <sup>(3)(7)</sup> |
| Median B.V. | First Lien Senior Secured Term Loan | SONIA + 5.93%, 11.0% Cash | 02/22 | 10/27 | 9330 | 9907 | 8966 | 0.8% | <sup>(3)(8)(17)</sup> |
| Medical Solutions Parent Holdings, Inc. | Second Lien Senior Secured Term Loan | SOFR + 7.00%, 11.7% Cash | 11/21 | 11/29 | 4421 | 4394 | 2211 | 0.2% | <sup>(8)(13)</sup> |
| MI OpCo Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 7.25%, 11.8% Cash | 07/24 | 03/28 | 6288 | 5722 | 6320 | 0.5% | <sup>(8)(12)</sup> |
| Moonlight Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.75%, 10.7% Cash | 07/23 | 07/30 | 1860 | 1884 | 1841 | 0.2% | <sup>(3)(7)(8)(16)(30)</sup> |
| Napa Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 9.5% Cash | 03/22 | 03/28 | 12460 | 14257 | 12459 | 1.0% | <sup>(3)(7)(8)(19)</sup> |
| Navia Benefit Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.2% Cash | 02/21 | 02/27 | 5572 | 5518 | 5572 | 0.5% | <sup>(7)(8)(12)</sup> |
| NPM Investments 28 B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.3% Cash | 09/22 | 10/29 | 1885 | 1741 | 1869 | 0.2% | <sup>(3)(7)(8)(10)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| OA Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.3% Cash | 12/21 | 12/28 | $8301 | $8223 | $8268 | 0.7% | <sup>(7)(8)(12)</sup> |
| OA Buyer, Inc. | Revolver | SOFR + 4.75%, 9.3% Cash | 12/21 | 12/28 |  | (15) | (5) | —% | <sup>(7)(8)(12)(30)</sup> |
| Ocular Therapeutix, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.2% Cash | 08/23 | 07/29 | 3930 | 3832 | 4849 | 0.4% | <sup>(3)(7)(8)(12)</sup> |
| Oracle Vision Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 10.0% Cash | 06/21 | 06/28 | 2866 | 3175 | 2802 | 0.2% | <sup>(3)(7)(8)(17)</sup> |
| Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 9.0% Cash, 0.8% PIK | 12/19 | 12/26 | 2688 | 2873 | 2688 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.9% Cash | 11/22 | 10/26 | 1500 | 1500 | 1500 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 8.30%, 12.9% Cash | 10/23 | 10/29 | 624 | 608 | 609 | 0.1% | <sup>(7)(8)(12)(30)</sup> |
| Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 8.8% Cash | 06/22 | 07/29 | 3843 | 3711 | 3692 | 0.3% | <sup>(3)(7)(8)(11)(30)</sup> |
| Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan | SARON + 5.75%, 7.0% Cash | 06/22 | 07/29 | 2857 | 2730 | 2788 | 0.2% | <sup>(3)(7)(8)(24)</sup> |
| Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan | SARON + 6.75%, 8.0% Cash | 06/22 | 07/29 | 47 | 49 | 46 | —% | <sup>(3)(7)(8)(24)</sup> |
| Smile Brands Group Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.7% Cash | 10/18 | 10/27 | 1352 | 1348 | 1230 | 0.1% | <sup>(7)(8)(13)</sup> |
| Smile Brands Group Inc. | First Lien Senior Secured Term Loan | SOFR + 8.50%, 13.2% Cash | 10/18 | 10/27 | 3821 | 3805 | 3477 | 0.3% | <sup>(7)(8)(13)</sup> |
| SSCP Pegasus Midco Limited | First Lien Senior Secured Term Loan | SONIA + 6.00%, 10.7% Cash | 12/20 | 11/27 | 4368 | 4489 | 4368 | 0.4% | <sup>(3)(7)(8)(16)(30)</sup> |
| SSCP Spring Bidco 3 Limited | First Lien Senior Secured Term Loan | SONIA + 6.45%, 11.2% Cash | 11/23 | 08/30 | 959 | 935 | 941 | 0.1% | <sup>(3)(7)(8)(17)</sup> |
| Union Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 4.84%, 9.8% Cash | 06/22 | 06/29 | 934 | 892 | 930 | 0.1% | <sup>(3)(7)(8)(17)(30)</sup> |
| United Therapy Holding III GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 10.0% Cash | 04/22 | 03/29 | 1689 | 1713 | 1204 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |
| Unither (Uniholding) | First Lien Senior Secured Term Loan | EURIBOR + 4.93%, 8.3% Cash | 03/23 | 03/30 | 1962 | 1965 | 1962 | 0.2% | <sup>(3)(7)(8)(10)(30)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (15.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (15.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (15.1%)\*** |  |  | **192412** | **193812** | **179436** |  |  |
| **High Tech Industries** | **High Tech Industries** |  |  |  |  |  |  |  |  |
| 1WorldSync, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.5% Cash | 07/19 | 07/25 | 7049 | 7031 | 7049 | 0.6% | <sup>(7)(8)(13)</sup> |
| Alpine SG, LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.7% Cash | 02/22 | 11/27 | 23123 | 22664 | 22949 | 1.9% | <sup>(7)(8)(13)(28)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK | 07/22 | 07/29 | 1896 | 1875 | 1773 | 0.1% | <sup>(3)(7)(8)(10)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 4.00%, 8.8% Cash, 2.8% PIK | 07/22 | 07/29 | 136 | 133 | 127 | —% | <sup>(3)(7)(8)(13)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 4.00%, 8.9% Cash, 2.8% PIK | 07/22 | 07/29 | 1719 | 1596 | 1584 | 0.1% | <sup>(3)(7)(8)(16)(30)</sup> |
| Argus Bidco Limited | Second Lien Senior Secured Term Loan | 10.5% PIK | 07/22 | 07/29 | 843 | 811 | 777 | 0.1% | <sup>(3)(7)</sup> |
| Benify (Bennevis AB) | First Lien Senior Secured Term Loan | STIBOR + 5.25%, 8.4% Cash | 07/19 | 07/26 | 854 | 996 | 854 | 0.1% | <sup>(3)(7)(8)(22)</sup> |
| CAi Software, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.1% Cash | 12/21 | 12/28 | 12530 | 12349 | 12455 | 1.0% | <sup>(7)(8)(13)</sup> |
| CAi Software, LLC | Revolver | SOFR + 5.25%, 10.1% Cash | 12/21 | 12/28 | 1261 | 1225 | 1246 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| Caribou Holding Company, LLC | First Lien Senior Secured Term Loan | SOFR + 7.64%, 12.5% Cash | 04/22 | 04/27 | 4318 | 4285 | 4236 | 0.4% | <sup>(3)(7)(8)(13)</sup> |
| Contabo Finco S.À.R.L | First Lien Senior Secured Term Loan | EURIBOR + 5.15%, 8.2% Cash | 10/22 | 10/29 | 4822 | 4555 | 4822 | 0.4% | <sup>(3)(7)(8)(10)</sup> |
| CW Group Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.8% Cash | 01/21 | 01/27 | 2732 | 2708 | 2732 | 0.2% | <sup>(7)(8)(13)</sup> |
| Dragon Bidco | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 8.6% Cash | 04/21 | 04/28 | 2589 | 2838 | 2585 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| Dwyer Instruments, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.5% Cash | 07/21 | 07/27 | 14625 | 14426 | 14433 | 1.2% | <sup>(7)(8)(13)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Electrical Components International, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.50%, 11.3% Cash | 05/24 | 05/29 | $10612 | $10419 | $10410 | 0.9% | <sup>(7)(8)(14)(30)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.6% PIK | 12/22 | 12/29 | 1676 | 1497 | 831 | 0.1% | <sup>(3)(7)(8)(11)(26)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | SOFR + 7.00%, 11.3% PIK | 12/22 | 12/29 | 913 | 781 | 453 | —% | <sup>(3)(7)(8)(13)(26)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | SONIA + 7.00%, 11.5% PIK | 12/22 | 12/29 | 2351 | 2258 | 1165 | 0.1% | <sup>(3)(7)(8)(17)(26)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | Senior Subordinated Term Loan | 11.5% PIK | 12/22 | 12/30 | 690 | 642 |  | —% | <sup>(3)(7)(26)</sup> |
| FSS Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 08/21 | 08/28 | 4740 | 4690 | 4740 | 0.4% | <sup>(7)(8)(12)</sup> |
| Graphpad Software, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.4% Cash | 06/24 | 06/31 | 9511 | 9457 | 9499 | 0.8% | <sup>(7)(8)(13)(30)</sup> |
| Graphpad Software, LLC | Revolver | SOFR + 4.75%, 9.4% Cash | 06/24 | 06/31 |  | (4) | (1) | —% | <sup>(7)(8)(13)(30)</sup> |
| Heavy Construction Systems Specialists, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.1% Cash | 11/21 | 11/27 | 7221 | 7144 | 7221 | 0.6% | <sup>(7)(8)(13)</sup> |
| Heavy Construction Systems Specialists, LLC | Revolver | SOFR + 5.50%, 10.1% Cash | 11/21 | 11/27 |  | (26) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| HW Holdco, LLC (Hanley Wood LLC) | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.6% Cash | 12/18 | 06/29 | 11081 | 11055 | 11081 | 0.9% | <sup>(7)(8)(13)</sup> |
| Ivanti Software, Inc. | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 12.1% Cash | 02/22 | 12/28 | 6000 | 5989 | 3285 | 0.3% | <sup>(8)(13)(28)</sup> |
| Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.6% Cash | 05/22 | 05/29 | 727 | 711 | 687 | 0.1% | <sup>(3)(7)(8)(14)(30)</sup> |
| Lattice Group Holdings Bidco Limited | Revolver | SOFR + 5.75%, 10.6% Cash | 05/22 | 11/28 |  | (1) | (1) | —% | <sup>(3)(7)(8)(14)(30)</sup> |
| NAW Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.4% Cash | 09/23 | 09/29 | 11850 | 11489 | 11850 | 1.0% | <sup>(7)(8)(13)(30)</sup> |
| NAW Buyer LLC | Revolver | SOFR + 5.75%, 10.4% Cash | 09/23 | 09/29 |  | (37) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| NeoxCo | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.1% Cash | 01/23 | 01/30 | 2476 | 2525 | 2456 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| Next Holdco, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.5% Cash | 11/23 | 11/30 | 7320 | 7199 | 7320 | 0.6% | <sup>(7)(8)(13)(30)</sup> |
| Next Holdco, LLC | Revolver | SOFR + 5.75%, 10.5% Cash | 11/23 | 11/29 |  | (9) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| ORTEC INTERNATIONAL NEWCO B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 8.5% Cash | 12/23 | 12/30 | 947 | 976 | 931 | 0.1% | <sup>(3)(7)(8)(10)</sup> |
| OSP Hamilton Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.8% Cash | 12/21 | 12/29 | 14130 | 13874 | 13901 | 1.2% | <sup>(7)(8)(13)(30)</sup> |
| OSP Hamilton Purchaser, LLC | Revolver | SOFR + 5.25%, 9.8% Cash | 12/21 | 12/29 | 444 | 427 | 430 | —% | <sup>(7)(8)(13)(30)</sup> |
| PDQ.Com Corporation | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.3% Cash | 08/21 | 08/27 | 14753 | 14558 | 14514 | 1.2% | <sup>(7)(8)(13)(30)</sup> |
| PowerGEM Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 11/24 | 11/29 | 6827 | 6776 | 6710 | 0.6% | <sup>(7)(8)(13)(30)</sup> |
| PowerGEM Buyer, Inc. | Revolver | SOFR + 5.00%, 9.5% Cash | 11/24 | 11/29 |  | (25) | (26) | —% | <sup>(7)(8)(13)(30)</sup> |
| ProfitOptics, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.2% Cash | 03/22 | 03/28 | 1613 | 1595 | 1613 | 0.1% | <sup>(7)(8)(12)</sup> |
| ProfitOptics, LLC | Revolver | SOFR + 5.75%, 10.2% Cash | 03/22 | 03/28 | 242 | 237 | 242 | —% | <sup>(7)(8)(12)(30)</sup> |
| ProfitOptics, LLC | Senior Subordinated Term Loan | 8.0% Cash | 03/22 | 03/29 | 81 | 81 | 76 | —% | <sup>(7)</sup> |
| Pro-Vision Solutions Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.8% Cash | 09/24 | 09/29 | 7767 | 7656 | 7662 | 0.6% | <sup>(7)(8)(13)</sup> |
| Pro-Vision Solutions Holdings, LLC | Revolver | SOFR + 4.50%, 8.8% Cash | 09/24 | 09/29 |  | (29) | (28) | —% | <sup>(7)(8)(13)(30)</sup> |
| PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 8.8% Cash | 05/22 | 05/29 | 846 | 846 | 844 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.5% Cash | 05/22 | 05/29 | $1411 | $1394 | $1408 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| RA Outdoors, LLC | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.7% Cash | 02/22 | 04/26 | 13764 | 13506 | 12732 | 1.1% | <sup>(7)(8)(13)(28)</sup> |
| RA Outdoors, LLC | Revolver | SOFR + 6.75%, 11.7% Cash | 02/22 | 04/26 | 1316 | 1316 | 1217 | 0.1% | <sup>(7)(8)(13)(28)</sup> |
| Saab Purchaser, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 11/24 | 11/31 | 17819 | 17596 | 17592 | 1.5% | <sup>(7)(8)(13)(30)</sup> |
| Saab Purchaser, Inc. | Revolver | SOFR + 5.00%, 9.5% Cash | 11/24 | 11/31 |  | (23) | (24) | —% | <sup>(7)(8)(13)(30)</sup> |
| Scout Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 8.4% Cash | 05/22 | 05/29 | 3308 | 3361 | 3297 | 0.3% | <sup>(3)(7)(8)(10)</sup> |
| Scout Bidco B.V. | First Lien Senior Secured Term Loan | SOFR + 5.57%, 10.1% Cash | 08/23 | 05/29 | 443 | 443 | 442 | —% | <sup>(3)(7)(8)(13)</sup> |
| Scout Bidco B.V. | Revolver | EURIBOR + 5.50%, 8.4% Cash | 05/22 | 05/29 |  | (5) | (14) | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| Sinari Invest | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.3% Cash | 07/23 | 07/30 | 1892 | 1943 | 1858 | 0.2% | <sup>(3)(7)(8)(11)(30)</sup> |
| Smartling, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.0% Cash | 11/21 | 11/27 | 10437 | 10328 | 10437 | 0.9% | <sup>(7)(8)(13)</sup> |
| Smartling, Inc. | Revolver | SOFR + 4.50%, 9.0% Cash | 11/21 | 11/27 |  | (11) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| Validity, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.9% Cash | 07/19 | 05/26 | 4783 | 4750 | 4783 | 0.4% | <sup>(7)(8)(12)</sup> |
| Vision Solutions Inc. | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 12.1% Cash | 02/22 | 04/29 | 6500 | 6497 | 6256 | 0.5% | <sup>(8)(13)(28)</sup> |
| White Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.2% Cash | 10/23 | 10/30 | 1749 | 1695 | 1747 | 0.1% | <sup>(3)(7)(8)(13)(30)</sup> |
| **Subtotal High Tech Industries (21.6%)\*** | **Subtotal High Tech Industries (21.6%)\*** |  |  |  | **266737** | **263033** | **257218** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Aquavista Watersides 2 LTD | First Lien Senior Secured Term Loan | SONIA + 6.00%, 10.6% Cash | 12/21 | 12/28 | 6314 | 6492 | 6314 | 0.5% | <sup>(3)(7)(8)(16)(30)</sup> |
| Aquavista Watersides 2 LTD | Second Lien Senior Secured Term Loan | SONIA + 10.50% PIK, 15.1% PIK | 12/21 | 12/28 | 2119 | 2187 | 2119 | 0.2% | <sup>(3)(7)(8)(16)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (0.7%)\*** | **Subtotal Hotel, Gaming, & Leisure (0.7%)\*** |  |  |  | **8433** | **8679** | **8433** |  |  |
| **Media: Advertising, Printing, & Publishing** | **Media: Advertising, Printing, & Publishing** |  |  |  |  |  |  |  |  |
| ASC Communications, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.4% Cash | 07/22 | 07/27 | 7344 | 7277 | 7344 | 0.6% | <sup>(7)(8)(12)</sup> |
| ASC Communications, LLC | Revolver | SOFR + 4.75%, 9.4% Cash | 07/22 | 07/27 |  | (9) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| AVSC Holding Corp. | First Lien Senior Secured Term Loan | SOFR + 3.50%, 8.2% Cash | 11/20 | 03/25 | 148 | 148 | 148 | —% | <sup>(8)(12)</sup> |
| AVSC Holding Corp. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.2% Cash | 11/20 | 10/26 | 2 | 2 | 2 | —% | <sup>(8)(12)</sup> |
| Ruffalo Noel Levitz, LLC | First Lien Senior Secured Term Loan | SOFR + 2.25%, 7.0% Cash, 4.3% PIK | 01/19 | 12/26 | 9944 | 9931 | 6792 | 0.6% | <sup>(7)(8)(13)</sup> |
| Superjet Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.4% Cash | 12/21 | 12/27 | 18063 | 17760 | 17712 | 1.5% | <sup>(7)(8)(13)(30)</sup> |
| Superjet Buyer, LLC | Revolver | SOFR + 5.50%, 10.4% Cash | 12/21 | 12/27 |  | (29) | (38) | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Media: Advertising, Printing, & Publishing (2.7%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (2.7%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (2.7%)\*** |  |  | **35501** | **35080** | **31960** |  |  |
| **Media: Broadcasting & Subscription** | **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |
| Music Reports, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.7% Cash | 08/20 | 08/26 | 6923 | 6868 | 6618 | 0.6% | <sup>(7)(8)(13)</sup> |
| The Octave Music Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.1% Cash | 06/24 | 03/29 | 3593 | 3593 | 3595 | 0.3% | <sup>(8)(13)</sup> |
| **Subtotal Media: Broadcasting & Subscription (0.9%)\*** | **Subtotal Media: Broadcasting & Subscription (0.9%)\*** | **Subtotal Media: Broadcasting & Subscription (0.9%)\*** |  |  | **10516** | **10461** | **10213** |  |  |
| **Media: Diversified & Production** | **Media: Diversified & Production** |  |  |  |  |  |  |  |  |
| BrightSign LLC | First Lien Senior Secured Term Loan | SOFR + 5.50% 10.2% Cash | 10/21 | 10/27 | 4657 | 4635 | 4657 | 0.4% | <sup>(7)(8)(12)</sup> |
| BrightSign LLC | Revolver | SOFR + 5.50%, 10.2% Cash | 10/21 | 10/27 | 1085 | 1079 | 1085 | 0.1% | <sup>(7)(8)(12)(30)</sup> |
| CM Acquisitions Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 7.8% Cash, 2.5% PIK | 05/19 | 05/25 | 1565 | 1563 | 1523 | 0.1% | <sup>(7)(8)(13)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| CM Acquisitions Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 7.8% Cash, 2.5% PIK | 05/19 | 05/26 | $12477 | $12462 | $12140 | 1.0% | <sup>(7)(8)(13)</sup> |
| Footco 40 Limited | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.2% Cash | 04/22 | 04/29 | 218 | 223 | 217 | —% | <sup>(3)(7)(8)(10)</sup> |
| Footco 40 Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 11.5% Cash | 04/22 | 04/29 | 1599 | 1638 | 1588 | 0.1% | <sup>(3)(7)(8)(16)(30)</sup> |
| Learfield Communications, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 10/24 | 06/28 | 5476 | 5486 | 5520 | 0.5% | <sup>(8)(12)</sup> |
| Murphy Midco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 10.2% Cash | 11/20 | 11/27 | 1641 | 1716 | 1641 | 0.1% | <sup>(3)(7)(8)(17)</sup> |
| Rock Labor LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.7% Cash | 09/23 | 09/29 | 6537 | 6372 | 6426 | 0.5% | <sup>(7)(8)(13)</sup> |
| Rock Labor LLC | Revolver | SOFR + 5.50%, 10.7% Cash | 09/23 | 09/29 |  | (26) | (19) | —% | <sup>(7)(8)(13)(30)</sup> |
| Solo Buyer, L.P. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.7% Cash | 12/22 | 12/29 | 15333 | 15033 | 14826 | 1.2% | <sup>(7)(8)(13)</sup> |
| Solo Buyer, L.P. | Revolver | SOFR + 6.25%, 10.7% Cash | 12/22 | 12/28 | 532 | 499 | 466 | —% | <sup>(7)(8)(13)(30)</sup> |
| Vital Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.0% Cash | 06/21 | 06/28 | 7329 | 7249 | 7241 | 0.6% | <sup>(7)(8)(13)</sup> |
| **Subtotal Media: Diversified & Production (4.8%)\*** | **Subtotal Media: Diversified & Production (4.8%)\*** | **Subtotal Media: Diversified & Production (4.8%)\*** |  |  | **58449** | **57929** | **57311** |  |  |
| **Metals & Mining** | **Metals & Mining** |  |  |  |  |  |  |  |  |
| Arch Global Precision LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.5% Cash | 04/19 | 04/26 | 8966 | 8966 | 8769 | 0.7% | <sup>(7)(8)(13)</sup> |
| **Subtotal Metals & Mining (0.7%)\*** | **Subtotal Metals & Mining (0.7%)\*** |  |  |  | **8966** | **8966** | **8769** |  |  |
| **Services: Business** | **Services: Business** |  |  |  |  |  |  |  |  |
| Acclime Holdings HK Limited | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.8% Cash | 08/21 | 08/27 | 2500 | 2467 | 2438 | 0.2% | <sup>(3)(7)(8)(14)</sup> |
| Acogroup | First Lien Senior Secured Term Loan | 4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK | 03/22 | 10/26 | 7354 | 7708 | 5412 | 0.5% | <sup>(3)(7)(8)(11)</sup> |
| AD Bidco, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.6% Cash | 03/24 | 03/30 | 10099 | 9794 | 10099 | 0.8% | <sup>(7)(8)(13)(30)</sup> |
| AD Bidco, Inc. | Revolver | SOFR + 5.25%, 9.6% Cash | 03/24 | 03/30 |  | (28) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| Adhefin International | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 9.1% Cash | 05/23 | 05/30 | 1716 | 1768 | 1716 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |
| Adhefin International | Subordinated Term Loan | EURIBOR + 10.50% PIK, 13.2% PIK | 05/23 | 11/30 | 330 | 341 | 326 | —% | <sup>(3)(7)(8)(10)</sup> |
| AlliA Insurance Brokers NV | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 8.9% Cash | 03/23 | 03/30 | 4598 | 4646 | 4569 | 0.4% | <sup>(3)(7)(8)(11)(30)</sup> |
| Apex Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.25%, 11.3% Cash | 01/20 | 01/27 | 3200 | 3206 | 3180 | 0.3% | <sup>(3)(7)(8)(16)</sup> |
| Apex Bidco Limited | Subordinated Senior Unsecured Term Loan | 8.0% PIK | 01/20 | 07/27 | 324 | 333 | 297 | —% | <sup>(3)(7)</sup> |
| Artemis Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 8.0% Cash | 11/24 | 11/31 | 284 | 261 | 256 | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| Auxi International | First Lien Senior Secured Term Loan | EURIBOR + 7.25%, 10.4% Cash | 12/19 | 12/26 | 1450 | 1538 | 1351 | 0.1% | <sup>(3)(7)(8)(11)</sup> |
| Auxi International | First Lien Senior Secured Term Loan | SONIA + 6.25%, 11.2% Cash | 04/21 | 12/26 | 839 | 909 | 782 | 0.1% | <sup>(3)(7)(8)(17)</sup> |
| Azalea Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.9% Cash | 11/21 | 11/27 | 4785 | 4731 | 4785 | 0.4% | <sup>(7)(8)(12)(30)</sup> |
| Azalea Buyer, Inc. | Revolver | SOFR + 5.25%, 9.9% Cash | 11/21 | 11/27 |  | (5) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| Azalea Buyer, Inc. | Subordinated Term Loan | 12.0% PIK | 11/21 | 05/28 | 1814 | 1799 | 1805 | 0.2% | <sup>(7)</sup> |
| Basin Innovation Group, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 12/24 | 12/30 | 14194 | 13952 | 13949 | 1.2% | <sup>(7)(8)(12)(30)</sup> |
| Basin Innovation Group, LLC | Revolver | SOFR + 5.00%, 9.5% Cash | 12/24 | 12/30 |  | (28) | (28) | —% | <sup>(7)(8)(12)(30)</sup> |
| BNI Global, LLC | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 8.5% Cash | 02/24 | 05/27 | 9434 | 9694 | 9302 | 0.8% | <sup>(7)(8)(9)</sup> |
| Bounteous, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.4% Cash | 08/21 | 08/27 | 4106 | 4067 | 4081 | 0.3% | <sup>(7)(8)(13)</sup> |
| Brightpay Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 8.2% Cash | 10/21 | 10/28 | 396 | 388 | 386 | —% | <sup>(3)(7)(8)(10)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Brightpay Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 8.6% Cash, 0.3% PIK | 10/21 | 10/28 | $1752 | $1931 | $1720 | 0.1% | <sup>(3)(7)(8)(11)</sup> |
| British Engineering Services Holdco Limited | First Lien Senior Secured Term Loan | SONIA + 7.00%, 12.7% Cash | 12/20 | 12/27 | 14630 | 15527 | 14454 | 1.2% | <sup>(3)(7)(8)(17)</sup> |
| Caldwell & Gregory LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.3% Cash | 09/24 | 09/30 | 19141 | 18817 | 18833 | 1.6% | <sup>(7)(8)(13)(30)</sup> |
| Caldwell & Gregory LLC | Revolver | SOFR + 5.00%, 9.3% Cash | 09/24 | 09/30 |  | (36) | (34) | —% | <sup>(7)(8)(13)(30)</sup> |
| Centralis Finco S.a.r.l. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 8.3% Cash | 05/20 | 05/27 | 2996 | 2942 | 2996 | 0.3% | <sup>(3)(7)(8)(10)</sup> |
| CGI Parent, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.1% Cash | 02/22 | 02/28 | 14008 | 13780 | 14008 | 1.2% | <sup>(7)(8)(13)</sup> |
| CGI Parent, LLC | Revolver | SOFR + 4.50%, 9.1% Cash | 02/22 | 02/28 |  | (18) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| CMT Opco Holding, LLC (Concept Machine) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.5% Cash, 0.3% PIK | 01/20 | 01/27 | 4756 | 4746 | 3381 | 0.3% | <sup>(7)(8)(13)</sup> |
| Comply365, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.7% Cash | 04/22 | 12/29 | 18663 | 18409 | 18663 | 1.6% | <sup>(7)(8)(12)</sup> |
| Comply365, LLC | Revolver | SOFR + 5.00%, 9.7% Cash | 04/22 | 12/29 |  | (14) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| Coyo Uprising GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.1% Cash, 0.3% PIK | 09/21 | 09/28 | 4748 | 5194 | 4590 | 0.4% | <sup>(3)(7)(8)(10)(30)</sup> |
| DataServ Integrations, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.0% Cash | 11/22 | 11/28 | 1871 | 1843 | 1871 | 0.2% | <sup>(7)(8)(14)</sup> |
| DataServ Integrations, LLC | Revolver | SOFR + 5.50%, 10.0% Cash | 11/22 | 11/28 |  | (6) |  | —% | <sup>(7)(8)(14)(30)</sup> |
| DISA Holdings Corp. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 11/22 | 09/28 | 6950 | 6808 | 6950 | 0.6% | <sup>(7)(8)(13)</sup> |
| DISA Holdings Corp. | Revolver | SOFR + 5.00%, 9.5% Cash | 11/22 | 09/28 |  | (9) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| Dunlipharder B.V. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.9% Cash | 06/22 | 06/28 | 1000 | 991 | 998 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| EFC International | Senior Unsecured Term Loan | 11.0% Cash, 2.5% PIK | 03/23 | 05/28 | 806 | 787 | 797 | 0.1% | <sup>(7)</sup> |
| Electric Equipment & Engineering Co. | First Lien Senior Secured Term Loan | 10.5% Cash, 3.0% PIK | 12/24 | 12/30 | 313 | 307 | 307 | —% | <sup>(7)</sup> |
| Events Software BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 6.50%, 11.0% Cash | 03/22 | 03/28 | 1561 | 1842 | 1336 | 0.1% | <sup>(3)(7)(8)(19)(30)</sup> |
| Fortis Payment Systems, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.0% Cash | 10/22 | 02/26 | 8944 | 8841 | 8815 | 0.7% | <sup>(7)(8)(13)(30)</sup> |
| Fortis Payment Systems, LLC | Revolver | SOFR + 5.25%, 10.0% Cash | 10/22 | 02/26 |  | (7) | (9) | —% | <sup>(7)(8)(13)(30)</sup> |
| Greenhill II BV | First Lien Senior Secured Term Loan | EURIBOR + 5.10%, 8.3% Cash | 07/22 | 07/29 | 936 | 907 | 936 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |
| HEKA Invest | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 9.6% Cash | 10/22 | 10/29 | 4850 | 4497 | 4850 | 0.4% | <sup>(3)(7)(8)(10)(30)</sup> |
| Hydratech Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 09/24 | 12/29 | 7537 | 7413 | 7413 | 0.6% | <sup>(7)(8)(13)(30)</sup> |
| Hydratech Holdings, Inc. | Revolver | SOFR + 5.00%, 9.6% Cash | 09/24 | 12/29 | 281 | 265 | 265 | —% | <sup>(7)(8)(13)(30)</sup> |
| Infoniqa Holdings GmbH | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 8.1% Cash | 11/21 | 11/28 | 2721 | 2923 | 2721 | 0.2% | <sup>(3)(7)(8)(11)</sup> |
| Interstellar Group B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.6% Cash | 08/22 | 08/29 | 1589 | 1594 | 1509 | 0.1% | <sup>(3)(7)(8)(10)(30)</sup> |
| Isolstar Holding NV (IPCOM) | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.2% Cash | 10/22 | 10/29 | 5168 | 4836 | 5075 | 0.4% | <sup>(3)(7)(8)(10)</sup> |
| JF Acquisition, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.2% Cash | 05/21 | 07/26 | 3740 | 3709 | 3736 | 0.3% | <sup>(7)(8)(13)</sup> |
| Jones Fish Hatcheries & Distributors LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.0% Cash | 02/22 | 02/28 | 3481 | 3434 | 3481 | 0.3% | <sup>(7)(8)(13)</sup> |
| Jones Fish Hatcheries & Distributors LLC | Revolver | SOFR + 5.50%, 10.0% Cash | 02/22 | 02/28 |  | (4) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| LeadsOnline, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.4% Cash | 02/22 | 02/28 | 10069 | 9968 | 10029 | 0.8% | <sup>(7)(8)(13)</sup> |
| LeadsOnline, LLC | Revolver | SOFR + 4.75%, 9.4% Cash | 02/22 | 02/28 |  | (24) | (10) | —% | <sup>(7)(8)(13)(30)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Legal Solutions Holdings | Senior Subordinated Loan | 6.0% PIK | 12/20 | 03/25 | $12319 | $10128 | $— | —% | <sup>(7)(26)(27)</sup> |
| Long Term Care Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 3.27%, 8.1% Cash, 3.7% PIK | 04/22 | 09/27 | 8769 | 8676 | 7839 | 0.7% | <sup>(7)(8)(13)</sup> |
| MB Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.4% Cash | 01/24 | 01/30 | 2608 | 2550 | 2591 | 0.2% | <sup>(7)(8)(12)(30)</sup> |
| MB Purchaser, LLC | Revolver | SOFR + 4.75%, 9.4% Cash | 01/24 | 01/30 |  | (5) | (2) | —% | <sup>(7)(8)(12)(30)</sup> |
| MC Group Ventures Corporation | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.9% Cash | 06/24 | 06/27 | 5118 | 5016 | 4899 | 0.4% | <sup>(7)(8)(12)(30)</sup> |
| MC Group Ventures Corporation | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.2% Cash | 07/21 | 06/27 | 4106 | 4062 | 4036 | 0.3% | <sup>(7)(8)(14)(30)</sup> |
| NF Holdco, LLC | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.8% Cash | 03/23 | 03/29 | 6283 | 6137 | 6283 | 0.5% | <sup>(7)(8)(13)</sup> |
| NF Holdco, LLC | Revolver | SOFR + 6.50%, 10.8% Cash | 03/23 | 03/29 | 276 | 253 | 276 | —% | <sup>(7)(8)(13)(30)</sup> |
| Origin Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 8.1% Cash | 06/21 | 06/28 | 307 | 355 | 301 | —% | <sup>(3)(7)(8)(10)</sup> |
| Origin Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.0% Cash | 06/21 | 06/28 | 533 | 525 | 522 | —% | <sup>(3)(7)(8)(13)</sup> |
| Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 9.8% Cash | 02/20 | 02/26 | 2045 | 2140 | 2045 | 0.2% | <sup>(3)(7)(8)(10)</sup> |
| Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan | SOFR + 7.01%, 11.6% Cash | 02/20 | 02/26 | 2628 | 2613 | 2628 | 0.2% | <sup>(3)(7)(8)(13)</sup> |
| Qualified Industries, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.1% Cash | 03/23 | 03/29 | 2619 | 2566 | 2567 | 0.2% | <sup>(7)(8)(14)</sup> |
| Qualified Industries, LLC | Revolver | SOFR + 5.75%, 10.1% Cash | 03/23 | 03/29 |  | (5) | (5) | —% | <sup>(7)(8)(14)(30)</sup> |
| Questel Unite | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.8% Cash | 12/20 | 12/27 | 7059 | 7010 | 7059 | 0.6% | <sup>(3)(7)(8)(13)</sup> |
| Recovery Point Systems, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.7% Cash | 08/20 | 07/26 | 11294 | 11232 | 11294 | 0.9% | <sup>(7)(8)(13)</sup> |
| ROI Solutions LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 10/24 | 10/29 | 18355 | 17989 | 17973 | 1.5% | <sup>(7)(8)(13)(30)</sup> |
| ROI Solutions LLC | Revolver | SOFR + 5.00%, 9.6% Cash | 10/24 | 10/29 |  | (52) | (55) | —% | <sup>(7)(8)(13)(30)</sup> |
| Royal Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.0% Cash | 08/22 | 08/28 | 8106 | 8006 | 8098 | 0.7% | <sup>(7)(8)(13)</sup> |
| Royal Buyer, LLC | Revolver | SOFR + 5.50%, 10.0% Cash | 08/22 | 08/28 |  | (22) | (2) | —% | <sup>(7)(8)(13)(30)</sup> |
| RPX Corporation | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.6% Cash | 08/24 | 08/30 | 21921 | 21608 | 21638 | 1.8% | <sup>(7)(8)(13)</sup> |
| RPX Corporation | Revolver | SOFR + 5.50%, 10.6% Cash | 08/24 | 08/30 |  | (42) | (39) | —% | <sup>(7)(8)(13)(30)</sup> |
| Sansidor BV | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 8.6% Cash | 09/24 | 09/31 | 554 | 576 | 534 | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| SBP Holdings LP | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 03/23 | 03/28 | 8717 | 8445 | 8648 | 0.7% | <sup>(7)(8)(12)(30)</sup> |
| SBP Holdings LP | Revolver | SOFR + 5.00%, 9.6% Cash | 03/23 | 03/28 |  | (44) | (13) | —% | <sup>(7)(8)(13)(30)</sup> |
| Scaled Agile, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.2% Cash | 12/21 | 12/28 | 1784 | 1764 | 1605 | 0.1% | <sup>(7)(8)(13)</sup> |
| Scaled Agile, Inc. | Revolver | SOFR + 5.50%, 10.2% Cash | 12/21 | 12/28 | 336 | 332 | 302 | —% | <sup>(7)(8)(13)</sup> |
| SmartShift Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 09/23 | 09/29 | 12944 | 12732 | 12944 | 1.1% | <sup>(7)(8)(13)</sup> |
| SmartShift Group, Inc. | Revolver | SOFR + 5.00%, 9.5% Cash | 09/23 | 09/29 |  | (32) |  | —% | <sup>(7)(8)(13)(30)</sup> |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.2% Cash | 11/22 | 03/27 | 2072 | 2044 | 2057 | 0.2% | <sup>(7)(8)(14)(30)</sup> |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver | SOFR + 5.00%, 9.2% Cash | 11/22 | 03/27 |  | (2) | (1) | —% | <sup>(7)(8)(14)(30)</sup> |
| Starnmeer B.V. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.6% Cash | 10/21 | 10/28 | 2500 | 2482 | 2500 | 0.2% | <sup>(3)(7)(8)(14)</sup> |
| TA SL Cayman Aggregator Corp. | Subordinated Term Loan | 7.80% PIK | 07/21 | 07/28 | 2785 | 2764 | 2785 | 0.2% | <sup>(7)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Tanqueray Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 10.0% Cash | 11/22 | 11/29 | $1699 | $1518 | $1643 | 0.1% | <sup>(3)(7)(8)(16)(30)</sup> |
| Technology Service Stream BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.50%, 10.3% Cash | 06/24 | 07/30 | 698 | 725 | 677 | 0.1% | <sup>(3)(7)(8)(20)(30)</sup> |
| Techone B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.40%, 8.7% Cash | 11/21 | 11/28 | 3639 | 3816 | 3609 | 0.3% | <sup>(3)(7)(8)(10)</sup> |
| Techone B.V. | Revolver | EURIBOR + 5.40%, 8.7% Cash | 11/21 | 05/28 |  | (24) | (4) | —% | <sup>(3)(7)(8)(10)(30)</sup> |
| Trintech, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.1% Cash | 07/23 | 07/29 | 6895 | 6725 | 6787 | 0.6% | <sup>(7)(8)(12)</sup> |
| Trintech, Inc. | Revolver | SOFR + 5.50%, 10.1% Cash | 07/23 | 07/29 | 153 | 140 | 145 | —% | <sup>(7)(8)(12)(30)</sup> |
| TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.0% Cash | 12/24 | 09/27 | 2598 | 2573 | 2572 | 0.2% | <sup>(7)(8)(13)</sup> |
| TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.3% Cash | 12/22 | 12/28 | 962 | 949 | 953 | 0.1% | <sup>(7)(8)(13)</sup> |
| TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 12/23 | 12/28 | 1204 | 1190 | 1192 | 0.1% | <sup>(7)(8)(13)</sup> |
| TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.5% Cash | 12/24 | 12/29 | 8035 | 7840 | 7837 | 0.7% | <sup>(7)(8)(13)(30)</sup> |
| TSYL Corporate Buyer, Inc. | Revolver | SOFR + 4.75%, 9.3% Cash | 12/22 | 12/28 |  | (5) | (4) | —% | <sup>(7)(8)(13)(30)</sup> |
| Turnberry Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.4% Cash | 07/21 | 09/26 | 4874 | 4839 | 4874 | 0.4% | <sup>(7)(8)(12)</sup> |
| UBC Ledgers Holding AB | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 9.6% Cash | 07/24 | 12/30 | 536 | 556 | 536 | —% | <sup>(3)(7)(8)(10)</sup> |
| UBC Ledgers Holding AB | First Lien Senior Secured Term Loan | STIBOR + 5.25%, 8.4% Cash | 12/23 | 12/30 | 1450 | 1486 | 1450 | 0.1% | <sup>(3)(7)(8)(22)(30)</sup> |
| UHY Advisors, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.3% Cash | 11/24 | 11/31 | 13247 | 12991 | 12982 | 1.1% | <sup>(7)(8)(13)(30)</sup> |
| UHY Advisors, Inc. | Revolver | SOFR + 4.75%, 9.3% Cash | 11/24 | 11/31 |  | (34) | (35) | —% | <sup>(7)(8)(13)(30)</sup> |
| USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.5% Cash | 11/18 | 05/26 | 12613 | 12558 | 12487 | 1.0% | <sup>(7)(8)(13)</sup> |
| USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.5% Cash | 10/24 | 10/27 | 5465 | 5414 | 5411 | 0.5% | <sup>(7)(8)(13)</sup> |
| Utac Ceram | First Lien Senior Secured Term Loan | EURIBOR + 4.60%, 4.9% Cash, 2.4% PIK | 09/20 | 09/27 | 1581 | 1754 | 1500 | 0.1% | <sup>(3)(7)(8)(10)</sup> |
| Utac Ceram | First Lien Senior Secured Term Loan | SOFR + 6.75%, 9.4% Cash, 1.8% PIK | 02/21 | 09/27 | 2604 | 2572 | 2471 | 0.2% | <sup>(3)(7)(8)(13)</sup> |
| Utac Ceram | First Lien Senior Secured Term Loan | SOFR + 6.75%, 8.8% Cash, 2.4% PIK | 02/21 | 09/27 | 994 | 994 | 943 | 0.1% | <sup>(3)(7)(8)(13)</sup> |
| W2O Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.3% Cash | 10/20 | 06/28 | 11879 | 11803 | 11772 | 1.0% | <sup>(7)(8)(13)</sup> |
| World 50, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.3% Cash | 03/24 | 03/30 | 13897 | 13645 | 13785 | 1.2% | <sup>(7)(8)(12)</sup> |
| World 50, Inc. | Revolver | SOFR + 5.75%, 10.3% Cash | 03/24 | 03/30 |  | (17) | (8) | —% | <sup>(7)(8)(12)(30)</sup> |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 8.2% Cash | 05/22 | 05/29 | 290 | 305 | 283 | —% | <sup>(3)(7)(8)(11)</sup> |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 10.0% Cash | 05/22 | 05/29 | 8813 | 8657 | 8598 | 0.7% | <sup>(3)(7)(8)(17)</sup> |
| Xeinadin Bidco Limited | Subordinated Term Loan | 11.0% PIK | 05/22 | 05/29 | 3784 | 3691 | 3691 | 0.3% | <sup>(3)(7)</sup> |
| Zeppelin Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.25%, 11.2% Cash | 03/22 | 03/29 | 6060 | 6256 | 4691 | 0.4% | <sup>(3)(7)(8)(17)</sup> |
| **Subtotal Services: Business (37.5%)\*** | **Subtotal Services: Business (37.5%)\*** |  |  |  | **469942** | **464452** | **446532** |  |  |
| **Services: Consumer** | **Services: Consumer** |  |  |  |  |  |  |  |  |
| Arc Education | First Lien Senior Secured Term Loan | EURIBOR + 5.97%, 9.3% Cash | 07/22 | 07/29 | 3829 | 3712 | 3807 | 0.3% | <sup>(3)(7)(8)(10)(30)</sup> |
| Archimede | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 9.8% Cash | 10/20 | 10/27 | 6109 | 6498 | 5676 | 0.5% | <sup>(3)(7)(8)(10)</sup> |
| Bariacum S.A | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 7.3% Cash | 11/21 | 11/28 | 3107 | 3260 | 3107 | 0.3% | <sup>(3)(7)(8)(11)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Cascade Residential Services LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.6% Cash | 10/23 | 10/29 | $4011 | $3918 | $3742 | 0.3% | <sup>(7)(8)(13)(30)</sup> |
| Cascade Residential Services LLC | Revolver | SOFR + 6.00%, 10.6% Cash | 10/23 | 10/29 | 331 | 324 | 312 | —% | <sup>(7)(8)(13)</sup> |
| Express Wash Acquisition Company, LLC | First Lien Senior Secured Term Loan | SOFR + 6.50%, 11.4% Cash | 07/22 | 07/28 | 6390 | 6313 | 5955 | 0.5% | <sup>(7)(8)(13)</sup> |
| Express Wash Acquisition Company, LLC | Revolver | SOFR + 6.50%, 11.4% Cash | 07/22 | 07/28 | 141 | 138 | 124 | —% | <sup>(7)(8)(13)(30)</sup> |
| FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.) | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.1% Cash | 10/24 | 02/30 | 12028 | 11995 | 11950 | 1.0% | <sup>(7)(8)(13)</sup> |
| Global Academic Group Limited | First Lien Senior Secured Term Loan | BBSY + 5.50%, 9.3% Cash | 07/22 | 07/27 | 2284 | 2530 | 2284 | 0.2% | <sup>(3)(7)(8)(19)</sup> |
| Global Academic Group Limited | First Lien Senior Secured Term Loan | BKBM + 5.50%, 9.3% Cash | 07/22 | 07/27 | 4000 | 4389 | 4000 | 0.3% | <sup>(3)(7)(8)(23)(30)</sup> |
| HomeX Services Group LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.1% Cash | 11/23 | 11/29 | 1498 | 1463 | 1477 | 0.1% | <sup>(7)(8)(13)(30)</sup> |
| HomeX Services Group LLC | Revolver | SOFR + 4.50%, 9.1% Cash | 11/23 | 11/29 |  | (6) | (3) | —% | <sup>(7)(8)(13)(30)</sup> |
| InvoCare Limited | First Lien Senior Secured Term Loan | BBSY + 6.25%, 10.7% Cash | 11/23 | 11/29 | 2005 | 2062 | 1963 | 0.2% | <sup>(3)(7)(8)(19)(30)</sup> |
| Kid Distro Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.5% Cash | 10/21 | 10/27 | 13156 | 13063 | 13156 | 1.1% | <sup>(7)(8)(13)</sup> |
| Marmoutier Holding B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.4% PIK | 12/21 | 12/28 | 2543 | 2415 | 146 | —% | <sup>(3)(7)(8)(11)(26) (30)</sup> |
| Marmoutier Holding B.V. | Revolver | EURIBOR + 5.75%, 6.7% PIK | 12/21 | 06/27 | 109 | 104 | (53) | —% | <sup>(3)(7)(8)(11)(26) (30)</sup> |
| Marmoutier Holding B.V. | Super Senior Secured Term Loan | 6.0% PIK | 03/24 | 03/25 | 185 | 194 | 185 | —% | <sup>(3)(7)(8)(26)</sup> |
| Premium Franchise Brands, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.7% Cash | 12/20 | 12/26 | 7481 | 7425 | 7377 | 0.6% | <sup>(7)(8)(13)</sup> |
| Premium Franchise Brands, LLC | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.2% Cash | 12/20 | 12/26 | 2738 | 2670 | 2694 | 0.2% | <sup>(7)(8)(13)</sup> |
| QPE7 SPV1 BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 3.75%, 8.1% Cash | 09/21 | 09/26 | 1707 | 1976 | 1694 | 0.1% | <sup>(3)(7)(8)(18)</sup> |
| Sereni Capital NV | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.7% Cash | 05/22 | 05/29 | 928 | 926 | 903 | 0.1% | <sup>(3)(7)(8)(11)</sup> |
| Sereni Capital NV | First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 9.7% Cash | 05/22 | 05/29 | 1524 | 1564 | 1524 | 0.1% | <sup>(3)(7)(8)(11)</sup> |
| **Subtotal Services: Consumer (6.1%)\*** | **Subtotal Services: Consumer (6.1%)\*** |  |  |  | **76104** | **76933** | **72020** |  |  |
| **Structured Product** | **Structured Product** |  |  |  |  |  |  |  |  |
| Air Canada 2020-2 Class B Pass Through Trust | Structured Secured Note - Class B | 9.0% Cash | 09/20 | 10/25 | 2370 | 2370 | 2411 | 0.2% |  |
| AMMC CLO 22, Limited Series 2018-22A | Subordinated Structured Notes | Residual Interest, current yield —% | 02/22 | 04/31 | 7222 | 2439 | 1733 | 0.1% | <sup>(3)(7)(28)</sup> |
| Apidos CLO XXIV, Series 2016-24A | Subordinated Structured Notes | Residual Interest, current yield 57.25% | 02/22 | 07/27 | 18358 | 3527 | 3272 | 0.3% | <sup>(3)(28)</sup> |
| British Airways 2020-1 Class B Pass Through Trust | First Lien Senior Secured Bond | 8.4% Cash | 11/20 | 11/28 | 489 | 489 | 507 | —% |  |
| Catawba River Limited | Structured - Junior Note | N/A | 10/22 | 10/28 | 4884 | 4442 | 2365 | 0.2% | <sup>(3)(7)</sup> |
| Dryden 49 Senior Loan Fund, Series 2017-49A | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 02/22 | 07/30 | 17233 | 2766 | 437 | —% | <sup>(3)(28)(29)</sup> |
| Flexential Issuer, LLC | Structured Secured Note - Class C | 6.9% Cash | 11/21 | 11/51 | 16000 | 14885 | 15339 | 1.3% |  |
| JetBlue 2019-1 Class B Pass Through Trust | Structured Secured Note - Class B | 8.0% Cash | 08/20 | 11/27 | 2495 | 2495 | 2520 | 0.2% |  |
| Magnetite XIX, Limited | Subordinated Notes | SOFR + 9.03%, 13.7% Cash | 02/22 | 04/34 | 10500 | 10357 | 10500 | 0.9% | <sup>(3)(7)(13)(28)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class A | 4.7% Cash | 05/22 | 11/28 | 182 | 182 | 177 | —% | <sup>(3)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class B | 5.4% Cash | 05/22 | 11/28 | 182 | 182 | 178 | —% | <sup>(3)(7)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Perimeter Master Note Business Trust | Structured Secured Note - Class C | 5.9% Cash | 05/22 | 11/28 | $182 | $182 | $180 | —% | <sup>(3)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class D | 8.5% Cash | 05/22 | 11/28 | 182 | 182 | 178 | —% | <sup>(3)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class E | 11.4% Cash | 05/22 | 11/28 | 9274 | 9274 | 8904 | 0.7% | <sup>(3)(7)</sup> |
| Rhondda Financing No. 1 DAC | Structured - Junior Note | N/A | 01/23 | 01/33 | 25868 | 25713 | 26044 | 2.2% | <sup>(3)(7)(30)</sup> |
| Sound Point CLO XX, Ltd. | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 02/22 | 07/31 | 4489 | 1389 | 61 | —% | <sup>(3)(28)(29)</sup> |
| Vista Global Holding Ltd | Structured Secured Note - Class C | 9.5% Cash | 11/24 | 08/31 | 500 | 500 | 495 | —% | <sup>(3)(7)</sup> |
| VistaJet Pass Through Trust 2021-1B | Structured Secured Note - Class B | 6.3% Cash | 11/21 | 02/29 | 3214 | 3214 | 3160 | 0.3% | <sup>(7)</sup> |
| VOYA CLO 2015-2, LTD. | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 02/22 | 07/27 | 10736 | 2496 | 15 | —% | <sup>(3)(28)(29)</sup> |
| VOYA CLO 2016-2, LTD. | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 02/22 | 07/28 | 11088 | 2462 | 1072 | 0.1% | <sup>(3)(28)(29)</sup> |
| **Subtotal Structured Product (6.7%)\*** | **Subtotal Structured Product (6.7%)\*** |  |  |  | **145448** | **89546** | **79548** |  |  |
| **Telecommunications** | **Telecommunications** |  |  |  |  |  |  |  |  |
| CSL DualCom | First Lien Senior Secured Term Loan | SONIA + 4.75%, 9.5% Cash | 09/20 | 09/27 | 2016 | 1922 | 2016 | 0.2% | <sup>(3)(7)(8)(15)(30)</sup> |
| Mercell Holding AS | First Lien Senior Secured Term Loan | NIBOR + 5.50%, 10.1% Cash | 08/22 | 08/29 | 2765 | 3150 | 2750 | 0.2% | <sup>(3)(7)(8)(25)(30)</sup> |
| Permaconn BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.25%, 9.7% Cash | 12/21 | 07/29 | 2537 | 2710 | 2537 | 0.2% | <sup>(3)(7)(8)(19)</sup> |
| UKFast Leaders Limited | First Lien Senior Secured Term Loan | SONIA + 7.25%, 12.3% Cash | 09/20 | 09/27 | 11708 | 11860 | 11041 | 0.9% | <sup>(3)(7)(8)(16)</sup> |
| **Subtotal Telecommunications (1.5%)\*** | **Subtotal Telecommunications (1.5%)\*** |  |  |  | **19026** | **19642** | **18344** |  |  |
| **Transportation: Cargo** | **Transportation: Cargo** |  |  |  |  |  |  |  |  |
| Armstrong Transport Group (Pele Buyer, LLC) | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.1% Cash | 06/19 | 12/26 | 5953 | 5935 | 5637 | 0.5% | <sup>(7)(8)(13)</sup> |
| Echo Global Logistics, Inc. | Second Lien Senior Secured Term Loan | SOFR + 7.00%, 11.7% Cash | 11/21 | 11/29 | 9469 | 9366 | 9450 | 0.8% | <sup>(7)(8)(12)</sup> |
| eShipping, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.7% Cash | 11/21 | 11/27 | 3465 | 3431 | 3465 | 0.3% | <sup>(7)(8)(12)</sup> |
| eShipping, LLC | Revolver | SOFR + 5.00%, 9.7% Cash | 11/21 | 11/27 |  | (14) |  | —% | <sup>(7)(8)(12)(30)</sup> |
| FitzMark Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.4% Cash | 12/20 | 12/26 | 4130 | 4101 | 4128 | 0.3% | <sup>(7)(8)(12)</sup> |
| FragilePak LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.5% Cash | 05/21 | 05/27 | 4544 | 4487 | 4544 | 0.4% | <sup>(7)(8)(13)</sup> |
| Honour Lane Logistics Holdings Limited | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.3% Cash | 04/22 | 11/28 | 6667 | 6542 | 6645 | 0.6% | <sup>(3)(7)(8)(14)</sup> |
| ITI Intermodal, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.6% Cash | 12/21 | 12/27 | 801 | 793 | 800 | 0.1% | <sup>(7)(8)(14)</sup> |
| ITI Intermodal, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.8% Cash | 12/21 | 12/27 | 12078 | 11847 | 12079 | 1.0% | <sup>(7)(8)(14)</sup> |
| ITI Intermodal, Inc. | Revolver | SOFR + 6.50%, 10.8% Cash | 12/21 | 12/27 | 226 | 203 | 225 | —% | <sup>(7)(8)(14)(30)</sup> |
| Offen Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.7% Cash | 02/22 | 06/26 | 3718 | 3681 | 3681 | 0.3% | <sup>(7)(12)(28)</sup> |
| R1 Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.8% Cash | 12/22 | 12/28 | 6111 | 5973 | 6135 | 0.5% | <sup>(7)(8)(12)</sup> |
| R1 Holdings, LLC | Revolver | SOFR + 6.25%, 10.8% Cash | 12/22 | 12/28 | 472 | 425 | 472 | —% | <sup>(7)(8)(12)(30)</sup> |
| REP SEKO MERGER SUB LLC | First Lien Senior Secured Term Loan | SOFR + 8.00%, 12.5% Cash | 11/24 | 11/29 | 1015 | 995 | 1015 | 0.1% | <sup>(7)(8)(13)</sup> |
| REP SEKO MERGER SUB LLC | First Out Term Loan | SOFR + 8.00%, 12.5% Cash | 11/24 | 11/29 | 2577 | 2577 | 2577 | 0.2% | <sup>(7)(8)(13)</sup> |
| Transportation Insight, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.2% Cash, 1.0% PIK | 08/18 | 06/27 | 11062 | 11030 | 8518 | 0.7% | <sup>(7)(8)(13)</sup> |
| **Subtotal Transportation: Cargo (5.8%)\*** | **Subtotal Transportation: Cargo (5.8%)\*** |  |  |  | **72288** | **71372** | **69371** |  |  |
| **Utilities: Electric** | **Utilities: Electric** |  |  |  |  |  |  |  |  |
| Panoche Energy Center LLC | First Lien Senior Secured Bond | 6.9% Cash | 07/22 | 07/29 | 3740 | 3458 | 3695 | 0.3% | <sup>(7)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Spatial Business Systems LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.0% Cash | 10/22 | 10/28 | $14930 | $14695 | $14706 | 1.2% | <sup>(7)(8)(13)</sup> |
| Spatial Business Systems LLC | Revolver | SOFR + 5.50%, 10.0% Cash | 10/22 | 10/28 |  | (22) | (21) | —% | <sup>(7)(8)(13)(30)</sup> |
| **Subtotal Utilities: Electric (1.5%)\*** | **Subtotal Utilities: Electric (1.5%)\*** |  |  |  | **18670** | **18131** | **18380** |  |  |
| **Subtotal Debt Investments (155.9%)\*** | **Subtotal Debt Investments (155.9%)\*** |  |  |  | **1996579** | **1930130** | **1855514** |  |  |
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** | ***<u>Equity Investments</u>*** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Accurus Aerospace Corporation | Common Stock |  | 04/22 |  | 437623.30 | $438 | $— | —% | <sup>(7)(29)</sup> |
| Compass Precision, LLC | LLC Units |  | 04/22 |  | 46085.6 | 125 | 299 | —% | <sup>(7)(29)</sup> |
| GB Eagle Buyer, Inc. | Partnership Units |  | 12/22 |  | 687 | 687 | 1350 | 0.1% | <sup>(7)</sup> |
| Megawatt Acquisitionco, Inc. | Common Stock |  | 03/24 |  | 205 | 21 |  | —% | <sup>(7)(29)</sup> |
| Megawatt Acquisitionco, Inc. | Preferred Stock |  | 03/24 |  | 1842 | 184 | 46 | —% | <sup>(7)(29)</sup> |
| Narda Acquisitionco., Inc. | Class A Preferred Stock |  | 12/21 |  | 4587.38 | 459 | 578 | —% | <sup>(7)(29)</sup> |
| Narda Acquisitionco., Inc. | Class B Common Stock |  | 12/21 |  | 509.71 | 51 | 743 | 0.1% | <sup>(7)(29)</sup> |
| Whitcraft Holdings, Inc. | LP Units |  | 02/23 |  | 63087.10 | 631 | 975 | 0.1% | <sup>(7)(29)</sup> |
| **Subtotal Aerospace & Defense (0.3%)\*** | **Subtotal Aerospace & Defense (0.3%)\*** |  |  |  |  | **2596** | **3846** |  |  |
| **Automotive** | **Automotive** |  |  |  |  |  |  |  |  |
| Burgess Point Purchaser Corporation | LP Units |  | 07/22 |  | 455 | 455 | 450 | —% | <sup>(7)(29)</sup> |
| Randys Holdings, Inc. | Partnership Units |  | 11/22 |  | 5333 | 533 | 622 | 0.1% | <sup>(7)(29)</sup> |
| SPATCO Energy Solutions, LLC | Common Stock |  | 07/24 |  | 274229 | 274 | 280 | —% | <sup>(7)(29)</sup> |
| SVI International LLC | LLC Units |  | 03/24 |  | 207921 | 208 | 277 | —% | <sup>(7)</sup> |
| Velocity Pooling Vehicle, LLC | Common Stock |  | 02/22 |  | 4676 | 60 | 2 | —% | <sup>(7)(28)(29)</sup> |
| Velocity Pooling Vehicle, LLC | Warrants |  | 02/22 |  | 5591 | 72 | 3 | —% | <sup>(7)(28)(29)</sup> |
| **Subtotal Automotive (0.1%)\*** | **Subtotal Automotive (0.1%)\*** |  |  |  |  | **1602** | **1634** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Accelerant Holdings | Class A Convertible Preferred Equity |  | 01/22 |  | 5018 | 5000 | 6347 | 0.5% | <sup>(7)(29)</sup> |
| Accelerant Holdings | Class B Convertible Preferred Equity |  | 12/22 |  | 1657 | 1667 | 2285 | 0.2% | <sup>(7)(29)</sup> |
| Accelerant Holdings | Preferred Stock |  | 12/24 |  | 4243 | 7840 | 7840 | 0.7% | <sup>(7)(29)</sup> |
| Flywheel Re Segregated Portfolio 2022-4 | Preferred Stock |  | 08/22 |  | 2828286 | 2828 | 3875 | 0.3% | <sup>(3)(7)(29)</sup> |
| Policy Services Company, LLC | Warrants - Class A |  | 12/21 |  | 2.5582 |  | 1262 | 0.1% | <sup>(7)(29)</sup> |
| Policy Services Company, LLC | Warrants - Class B |  | 12/21 |  | 0.8634 |  | 426 | —% | <sup>(7)(29)</sup> |
| Policy Services Company, LLC | Warrants - Class CC |  | 12/21 |  | 0.0888 |  |  | —% | <sup>(7)(29)</sup> |
| Policy Services Company, LLC | Warrants - Class D |  | 12/21 |  | 0.2471 |  | 122 | —% | <sup>(7)(29)</sup> |
| Resolute Investment Managers, Inc. | Common Stock |  | 03/24 |  | 38571 |  | 98 | —% | <sup>(7)(28)(29)</sup> |
| Shelf Bidco Ltd | Common Stock |  | 12/22 |  | 1200000 | 1200 | 4668 | 0.4% | <sup>(3)(7)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (2.3%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (2.3%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (2.3%)\*** |  |  |  | **18535** | **26923** |  |  |
| **Beverage, Food, & Tobacco** | **Beverage, Food, & Tobacco** |  |  |  |  |  |  |  |  |
| CTI Foods Holdings Co., LLC | Common Stock |  | 02/24 |  | 21031 |  | 695 | 0.1% | <sup>(7)(29)</sup> |
| Woodland Foods, LLC | Common Stock |  | 12/21 |  | 1663.30 | 1663 | 1271 | 0.1% | <sup>(7)(29)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Woodland Foods, LLC | Preferred Stock | 20.0% PIK | 12/21 |  | 364.00 | $427 | $427 | —% | <sup>(7)</sup> |
| ZB Holdco LLC | LLC Units |  | 02/22 |  | 152.69 | 153 | 197 | —% | <sup>(7)(29)</sup> |
| **Subtotal Beverage, Food, & Tobacco (0.2%)\*** | **Subtotal Beverage, Food, & Tobacco (0.2%)\*** |  |  |  |  | **2243** | **2590** |  |  |
| **Capital Equipment** | **Capital Equipment** |  |  |  |  |  |  |  |  |
| Polara Enterprises, L.L.C. | Partnership Units |  | 12/21 |  | 7409 | 741 | 1229 | 0.1% | <sup>(7)</sup> |
| Process Insights Acquisition, Inc. | Common Stock |  | 07/23 |  | 281 | 281 | 237 | —% | <sup>(7)(29)</sup> |
| Rapid Buyer LLC | LLC Units |  | 10/24 |  | 533 | 533 | 533 | —% | <sup>(7)(29)</sup> |
| TAPCO Buyer LLC | LLC Units |  | 11/24 |  | 252 | 252 | 252 | —% | <sup>(7)(29)</sup> |
| **Subtotal Capital Equipment (0.2%)\*** | **Subtotal Capital Equipment (0.2%)\*** |  |  |  |  | **1807** | **2251** |  |  |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |
| Americo Chemical Products, LLC | Common Stock |  | 04/23 |  | 88110 | 88 | 119 | —% | <sup>(7)(29)</sup> |
| Aptus 1829. GmbH | Common Stock |  | 09/21 |  | 48 | 12 |  | —% | <sup>(3)(7)(29)</sup> |
| Aptus 1829. GmbH | Preferred Stock |  | 09/21 |  | 13 | 120 | 40 | —% | <sup>(3)(7)(29)</sup> |
| Polymer Solutions Group Holdings, LLC | Common Stock |  | 02/22 |  | 74 |  |  | —% | <sup>(7)(29)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (—%)\*** | **Subtotal Chemicals, Plastics, & Rubber (—%)\*** | **Subtotal Chemicals, Plastics, & Rubber (—%)\*** |  |  |  | **220** | **159** |  |  |
| **Construction & Building** | **Construction & Building** |  |  |  |  |  |  |  |  |
| BKF Buyer, Inc. | Common Stock |  | 08/24 |  | 1004467 | 1004 | 1045 | 0.1% | <sup>(7)(29)</sup> |
| MNS Buyer, Inc. | Partnership Units |  | 08/21 |  | 76923 | 77 | 106 | —% | <sup>(7)(29)</sup> |
| Ocelot Holdco LLC | Common Stock |  | 10/23 |  | 186.67 |  | 742 | 0.1% | <sup>(7)(29)</sup> |
| Ocelot Holdco LLC | Preferred Stock | 15.0% PIK | 10/23 |  | 243.81 | 1562 | 2873 | 0.2% | <sup>(7)</sup> |
| **Subtotal Construction & Building (0.4%)\*** | **Subtotal Construction & Building (0.4%)\*** |  |  |  |  | **2643** | **4766** |  |  |
| **Consumer goods: Durable** | **Consumer goods: Durable** |  |  |  |  |  |  |  |  |
| DecksDirect, LLC | Class A Units |  | 04/24 |  | 1016.1 | 47 |  | —% | <sup>(7)(29)</sup> |
| DecksDirect, LLC | Common Stock |  | 12/21 |  | 1280.8 | 55 |  | —% | <sup>(7)(29)</sup> |
| Renovation Parent Holdings, LLC | Partnership Equity |  | 11/21 |  | 202393.60 | 202 | 85 | —% | <sup>(7)(29)</sup> |
| RTIC Subsidiary Holdings, LLC | Class A Preferred Stock |  | 02/22 |  | 145.347 | 4 |  | —% | <sup>(7)(28)(29)</sup> |
| RTIC Subsidiary Holdings, LLC | Class B Preferred Stock |  | 02/22 |  | 145.347 |  |  | —% | <sup>(7)(28)(29)</sup> |
| RTIC Subsidiary Holdings, LLC | Class C Preferred Stock |  | 02/22 |  | 7844.03 | 450 | 57 | —% | <sup>(7)(28)(29)</sup> |
| RTIC Subsidiary Holdings, LLC | Common Stock |  | 02/22 |  | 153 |  |  | —% | <sup>(7)(28)(29)</sup> |
| Serta Simmons Bedding LLC | Common Stock |  | 06/23 |  | 109127 | 1630 | 655 | 0.1% | <sup>(29)</sup> |
| Team Air Distributing, LLC | Partnership Equity |  | 05/23 |  | 516640.2 | 523 | 625 | 0.1% | <sup>(7)(29)</sup> |
| Terrybear, Inc. | Partnership Equity |  | 04/22 |  | 24358.97 | 239 | 120 | —% | <sup>(7)(29)</sup> |
| **Subtotal Consumer goods: Durable (0.1%)\*** | **Subtotal Consumer goods: Durable (0.1%)\*** |  |  |  |  | **3150** | **1542** |  |  |
| **Consumer goods: Non-durable** | **Consumer goods: Non-durable** |  |  |  |  |  |  |  |  |
| CCFF Buyer, LLC | LLC Units |  | 02/24 |  | 233 | 233 | 235 | —% | <sup>(7)</sup> |
| Ice House America, L.L.C. | LLC Units |  | 01/24 |  | 2833 | 283 | 316 | —% | <sup>(7)(29)</sup> |
| Isagenix International, LLC | Common Stock |  | 04/23 |  | 58538 |  |  | —% | <sup>(7)(28)(29)</sup> |
| Safety Products Holdings, LLC | Preferred Stock |  | 12/20 |  | 378.7 | 380 | 537 | —% | <sup>(7)(29)</sup> |
| **Subtotal Consumer goods: Non-durable (0.1%)\*** | **Subtotal Consumer goods: Non-durable (0.1%)\*** | **Subtotal Consumer goods: Non-durable (0.1%)\*** |  |  |  | **896** | **1088** |  |  |
| **Containers, Packaging, & Glass** | **Containers, Packaging, & Glass** |  |  |  |  |  |  |  |  |
| Diversified Packaging Holdings LLC | LLC Units |  | 06/24 |  | 2769 | 277 | 333 | —% | <sup>(7)(29)</sup> |
| Five Star Holding LLC | LLC Units |  | 05/22 |  | 966.99 | 967 | 564 | —% | <sup>(7)(29)</sup> |
| **Subtotal Containers, Packaging, & Glass (0.1%)\*** | **Subtotal Containers, Packaging, & Glass (0.1%)\*** | **Subtotal Containers, Packaging, & Glass (0.1%)\*** |  |  |  | **1244** | **897** |  |  |
| **Energy: Oil & Gas** | **Energy: Oil & Gas** |  |  |  |  |  |  |  |  |
| Ferrellgas L.P. | Opco Preferred Units |  | 03/21 |  | 2886 | 2799 | 2799 | 0.2% | <sup>(7)</sup> |
| **Subtotal Energy: Oil & Gas (0.2%)\*** | **Subtotal Energy: Oil & Gas (0.2%)\*** |  |  |  |  | **2799** | **2799** |  |  |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Environmental Industries** | **Environmental Industries** | | | | | | | | |
| Bridger Aerospace Group Holdings, LLC | Preferred Stock- Series C | 7.0% PIK | 07/22 |  | 14618 | $16725 | $14618 | 1.2% | <sup>(7)</sup> |
| **Subtotal Environmental Industries (1.2%)\*** | **Subtotal Environmental Industries (1.2%)\*** |  |  |  |  | **16725** | **14618** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Amalfi Midco | Class B Common Stock |  | 09/22 |  | 98906608 | 1115 | 1239 | 0.1% | <sup>(3)(7)(29)</sup> |
| Amalfi Midco | Warrants |  | 09/22 |  | 380385 | 4 | 919 | 0.1% | <sup>(3)(7)(29)</sup> |
| Canadian Orthodontic Partners Corp. | Class A Equity |  | 05/22 |  | 500000 | 389 |  | —% | <sup>(3)(7)(29)</sup> |
| Canadian Orthodontic Partners Corp. | Class C - Warrants |  | 05/22 |  | 74712.64 |  |  | —% | <sup>(3)(7)(29)</sup> |
| Canadian Orthodontic Partners Corp. | Class X Equity |  | 05/22 |  | 45604 | 35 |  | —% | <sup>(3)(7)(29)</sup> |
| Canadian Orthodontic Partners Corp. | Common Stock |  | 08/24 |  | 14.37 |  |  | —% | <sup>(3)(7)(29)</sup> |
| Coherus Biosciences, Inc. | Royalty Rights |  | 05/24 | 08/50 | 3626518 | 3627 | 5834 | 0.5% | <sup>(7)</sup> |
| Forest Buyer, LLC | Class A LLC Units |  | 03/24 |  | 122 | 122 | 130 | —% | <sup>(7)(29)</sup> |
| Forest Buyer, LLC | Class B LLC Units |  | 03/24 |  | 122 |  | 124 | —% | <sup>(7)(29)</sup> |
| GCDL LLC | Common Stock |  | 08/24 |  | 243243.24 | 243 | 243 | —% | <sup>(7)(29)</sup> |
| GPNZ II GmbH | Common Stock |  | 10/23 |  | 5785 |  |  | —% | <sup>(3)(7)(29)</sup> |
| HemaSource, Inc. | Common Stock |  | 08/23 |  | 101080 | 101 | 124 | —% | <sup>(7)(29)</sup> |
| Moonlight Bidco Limited | Common Stock |  | 07/23 |  | 10590 | 138 | 182 | —% | <sup>(3)(7)(29)</sup> |
| OA Buyer, Inc. | Partnership Units |  | 12/21 |  | 210920.11 | 211 | 783 | 0.1% | <sup>(7)</sup> |
| Parkview Dental Holdings LLC | LLC Units |  | 10/23 |  | 29762 | 298 | 263 | —% | <sup>(7)(29)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (0.8%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.8%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.8%)\*** |  |  |  | **6283** | **9841** |  |  |
| **High Tech Industries** | **High Tech Industries** |  |  |  |  |  |  |  |  |
| Argus Bidco Limited | Common Stock |  | 07/22 |  | 464 | 1 |  | —% | <sup>(3)(7)(29)</sup> |
| Argus Bidco Limited | Equity Loan Notes | 10.0% PIK | 07/22 |  | 41560 | 63 | 33 | —% | <sup>(3)(7)</sup> |
| Argus Bidco Limited | Preferred Stock | 10.0% PIK | 07/22 |  | 41560 | 63 | 33 | —% | <sup>(3)(7)</sup> |
| Caribou Holding Company, LLC | LLC Units |  | 04/22 |  | 681818 | 682 | 682 | 0.1% | <sup>(3)(7)(29)</sup> |
| Command Alkon (Project Potter Buyer, LLC) | Class B Partnership Units |  | 04/20 |  | 33324.70 |  | 175 | —% | <sup>(7)(29)</sup> |
| CW Group Holdings, LLC | LLC Units |  | 01/21 |  | 161290.32 | 161 | 371 | —% | <sup>(7)</sup> |
| FinThrive Software Intermediate Holdings Inc. | Preferred Stock | 11.0% PIK | 03/22 |  | 6582.7 | 9830 | 5608 | 0.5% | <sup>(7)</sup> |
| FSS Buyer LLC | LP Interest |  | 08/21 |  | 1160.9 | 12 | 17 | —% | <sup>(7)</sup> |
| FSS Buyer LLC | LP Units |  | 08/21 |  | 5104.3 | 51 | 74 | —% | <sup>(7)(29)</sup> |
| NAW Buyer LLC | LLC Units |  | 09/23 |  | 472512 | 473 | 524 | —% | <sup>(7)</sup> |
| OSP Hamilton Purchaser, LLC | LP Units |  | 07/22 |  | 173749 | 174 | 151 | —% | <sup>(7)</sup> |
| PDQ.Com Corporation | Class A-2 Partnership Units |  | 08/21 |  | 28.8 | 29 | 42 | —% | <sup>(7)(29)</sup> |
| ProfitOptics, LLC | LLC Units |  | 03/22 |  | 241935.48 | 161 | 198 | —% | <sup>(7)(29)</sup> |
| Pro-Vision Solutions Holdings, LLC | LLC Units |  | 09/24 |  | 2357.5 | 236 | 249 | —% | <sup>(7)(29)</sup> |
| **Subtotal High Tech Industries (0.7%)\*** | **Subtotal High Tech Industries (0.7%)\*** |  |  |  |  | **11936** | **8157** |  |  |
| **Media: Advertising, Printing & Publishing** | **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |
| Advantage Software Company (The), LLC | Class A1 Partnership Units |  | 12/21 |  | 8717.76 | 280 | 593 | —% | <sup>(7)(29)</sup> |
| Advantage Software Company (The), LLC | Class A2 Partnership Units |  | 12/21 |  | 2248.46 | 72 | 153 | —% | <sup>(7)(29)</sup> |
| Advantage Software Company (The), LLC | Class B1 Partnership Units |  | 12/21 |  | 8717.76 | 9 |  | —% | <sup>(7)(29)</sup> |
| Advantage Software Company (The), LLC | Class B2 Partnership Units |  | 12/21 |  | 2248.46 | 2 |  | —% | <sup>(7)(29)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ASC Communications, LLC | Class A Units |  | 07/22 |  | 25718.20 | $539 | $869 | 0.1% | <sup>(7)</sup> |
| **Subtotal Media: Advertising, Printing & Publishing (0.1%)\*** | **Subtotal Media: Advertising, Printing & Publishing (0.1%)\*** | **Subtotal Media: Advertising, Printing & Publishing (0.1%)\*** |  |  |  | **902** | **1615** |  |  |
| **Media: Broadcasting & Subscription** | **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |
| The Octave Music Group, Inc. | Partnership Equity |  | 04/22 |  | 676881.00 | 677 | 2180 | 0.2% | <sup>(7)</sup> |
| **Subtotal Media: Broadcasting & Subscription (0.2%)\*** | **Subtotal Media: Broadcasting & Subscription (0.2%)\*** | **Subtotal Media: Broadcasting & Subscription (0.2%)\*** |  |  |  | **677** | **2180** |  |  |
| **Media: Diversified & Production** | **Media: Diversified & Production** |  |  |  |  |  |  |  |  |
| BrightSign LLC | LLC units |  | 10/21 |  | 1107492.71 | 1107 | 1174 | 0.1% | <sup>(7)</sup> |
| Learfield Communications, LLC | Common Stock |  | 08/20 |  | 55198 | 1921 | 4085 | 0.3% | <sup>(7)(29)</sup> |
| Rock Labor LLC | LLC Units |  | 09/23 |  | 233871 | 1252 | 1127 | 0.1% | <sup>(7)</sup> |
| Solo Buyer, L.P. | Common Equity |  | 12/22 |  | 516399 | 516 | 325 | —% | <sup>(7)(29)</sup> |
| Vital Buyer, LLC | Partnership Units |  | 06/21 |  | 16442.9 | 164 | 388 | —% | <sup>(7)</sup> |
| **Subtotal Media: Diversified & Production (0.6%)\*** | **Subtotal Media: Diversified & Production (0.6%)\*** | **Subtotal Media: Diversified & Production (0.6%)\*** |  |  |  | **4960** | **7099** |  |  |
| **Retail** | **Retail** |  |  |  |  |  |  |  |  |
| True Religion Apparel, Inc. | Class A Units |  | 02/22 |  | 9.767 |  |  | —% | <sup>(7)(28)(29)</sup> |
| **Subtotal Retail (—%)\*** | **Subtotal Retail (—%)\*** |  |  |  |  | **—** | **—** |  |  |
| **Services: Business** | **Services: Business** |  |  |  |  |  |  |  |  |
| Azalea Buyer, Inc. | Common Stock |  | 11/21 |  | 192307.7 | 192 | 288 | —% | <sup>(7)(29)</sup> |
| CGI Parent, LLC | Preferred Stock |  | 02/22 |  | 657 | 722 | 1710 | 0.1% | <sup>(7)(29)</sup> |
| CMT Opco Holding, LLC (Concept Machine) | LLC Units |  | 01/20 |  | 12635 | 506 |  | —% | <sup>(7)(29)</sup> |
| Coyo Uprising GmbH | Class A Units |  | 09/21 |  | 440 | 205 | 206 | —% | <sup>(3)(7)(29)</sup> |
| Coyo Uprising GmbH | Class B Units |  | 09/21 |  | 191 | 446 | 381 | —% | <sup>(3)(7)(29)</sup> |
| DataServ Integrations, LLC | Partnership Units |  | 11/22 |  | 96153.90 | 96 | 103 | —% | <sup>(7)(29)</sup> |
| EFC International | Common Stock |  | 03/23 |  | 163.83 | 231 | 380 | —% | <sup>(7)(29)</sup> |
| Electric Equipment & Engineering Co. | LLC Units |  | 12/24 |  | 187500 | 188 | 188 | —% | <sup>(7)(29)</sup> |
| Jones Fish Hatcheries & Distributors LLC | LLC Units |  | 02/22 |  | 1018 | 107 | 372 | —% | <sup>(7)</sup> |
| LeadsOnline, LLC | LLC Units |  | 02/22 |  | 81739 | 85 | 180 | —% | <sup>(7)</sup> |
| MB Purchaser, LLC | LLC Units |  | 01/24 |  | 66 | 68 | 82 | —% | <sup>(7)(29)</sup> |
| MC Group Ventures Corporation | Partnership Units |  | 06/21 |  | 746.66 | 747 | 681 | 0.1% | <sup>(7)(29)</sup> |
| NF Holdco, LLC | LLC Units |  | 03/23 |  | 639510 | 659 | 563 | —% | <sup>(7)(29)</sup> |
| Qualified Industries, LLC | Common Stock |  | 03/23 |  | 303030 | 3 | 61 | —% | <sup>(7)(29)</sup> |
| Qualified Industries, LLC | Preferred Stock | 12.5% PIK | 03/23 |  | 148 | 144 | 175 | —% | <sup>(7)(29)</sup> |
| Recovery Point Systems, Inc. | Partnership Equity |  | 03/21 |  | 187235 | 187 | 81 | —% | <sup>(7)(29)</sup> |
| SmartShift Group, Inc. | Common Stock |  | 09/23 |  | 275 | 275 | 483 | —% | <sup>(7)(29)</sup> |
| TA SL Cayman Aggregator Corp. | Common Stock |  | 07/21 |  | 1589 | 50 | 84 | —% | <sup>(7)(29)</sup> |
| TSYL Corporate Buyer, Inc. | Partnership Units |  | 12/22 |  | 4673 | 5 | 26 | —% | <sup>(7)</sup> |
| Xeinadin Bidco Limited | Common Stock |  | 05/22 |  | 45665825 | 565 | 572 | —% | <sup>(3)(7)(29)</sup> |
| **Subtotal Services: Business (0.6%)\*** | **Subtotal Services: Business (0.6%)\*** |  |  |  |  | **5481** | **6616** |  |  |
| **Services: Consumer** | **Services: Consumer** |  |  |  |  |  |  |  |  |
| Kid Distro Holdings, LLC | LLC Units |  | 10/21 |  | 637677.11 | 638 | 772 | 0.1% | <sup>(7)(29)</sup> |
| **Subtotal Services: Consumer (0.1%)\*** | **Subtotal Services: Consumer (0.1%)\*** |  |  |  |  | **638** | **772** |  |  |
| **Telecommunications** | **Telecommunications** |  |  |  |  |  |  |  |  |
| Mercell Holding AS | Class A Units | 9.0% PIK | 08/22 |  | 114.4 | 111 | 125 | —% | <sup>(3)(7)(29)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Mercell Holding AS | Class B Units |  | 08/22 |  | 28943.8 | $— | $21 | —% | <sup>(3)(7)(29)</sup> |
| Syniverse Holdings, Inc. | Series A Preferred Equity | 12.5% PIK | 05/22 |  | 7575758 | 10167 | 10076 | 0.8% | <sup>(7)</sup> |
| **Subtotal Telecommunications (0.9%)\*** | **Subtotal Telecommunications (0.9%)\*** |  |  |  |  | **10278** | **10222** |  |  |
| **Transportation: Cargo** | **Transportation: Cargo** |  |  |  |  |  |  |  |  |
| AIT Worldwide Logistics Holdings, Inc. | Partnership Units |  | 04/21 |  | 348.68 | 349 | 550 | —% | <sup>(7)(29)</sup> |
| Echo Global Logistics, Inc. | Partnership Equity |  | 11/21 |  | 530.92 | 531 | 417 | —% | <sup>(7)(29)</sup> |
| FragilePak LLC | Partnership Units |  | 05/21 |  | 937.5 | 938 | 767 | 0.1% | <sup>(7)(29)</sup> |
| ITI Intermodal, Inc. | Common Stock |  | 01/22 |  | 7500.4 | 750 | 915 | 0.1% | <sup>(7)(29)</sup> |
| REP SEKO MERGER SUB LLC | Common Stock |  | 11/24 |  | 1231 | 5403 | 4595 | 0.4% | <sup>(7)(29)</sup> |
| **Subtotal Transportation: Cargo (0.6%)\*** | **Subtotal Transportation: Cargo (0.6%)\*** |  |  |  |  | **7971** | **7244** |  |  |
| **Utilities: Oil & Gas** | **Utilities: Oil & Gas** |  |  |  |  |  |  |  |  |
| Proppants Holding, LLC | LLC Units |  | 02/22 |  | 1506254 |  |  | —% | <sup>(7)(28)</sup> |
| **Subtotal Utilities: Oil & Gas (—%)\*** | **Subtotal Utilities: Oil & Gas (—%)\*** |  |  |  |  | **—** | **—** |  |  |
| **Subtotal Equity Investments (9.8%)\*** | **Subtotal Equity Investments (9.8%)\*** | **Subtotal Equity Investments (9.8%)\*** |  |  |  | **103586** | **116859** |  |  |
| **Subtotal Non-Control / Non-Affiliate Investments (165.7%)\*** | **Subtotal Non-Control / Non-Affiliate Investments (165.7%)\*** | **Subtotal Non-Control / Non-Affiliate Investments (165.7%)\*** |  |  |  | **2033716** | **1972373** |  |  |
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Affiliate Investments:</u>***<sup>(4)</sup> | ***<u>Affiliate Investments:</u>***<sup>(4)</sup> |  |  |  |  |  |  |  |  |
| ***<u>Debt Investments</u>*** | ***<u>Debt Investments</u>*** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Skyvault Holdings LLC | First Lien Senior Secured Term Loan | 12.0% PIK | 11/24 | 11/31 | $3586 | $3586 | $3586 | 0.3% | <sup>(7)(30)</sup> |
| **Subtotal Aerospace & Defense (0.3%)\*** | **Subtotal Aerospace & Defense (0.3%)\*** |  |  |  | **3586** | **3586** | **3586** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Eclipse Business Capital, LLC | Revolver | SOFR + 7.25%, 11.9% Cash | 07/21 | 07/28 | 10091 | 10022 | 10091 | 0.8% | <sup>(7)(12)(30)</sup> |
| Eclipse Business Capital, LLC | Second Lien Senior Secured Term Loan | 7.5% Cash | 07/21 | 07/28 | 4545 | 4520 | 4545 | 0.4% | <sup>(7)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)\*** |  |  | **14636** | **14542** | **14636** |  |  |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |
| Celebration Bidco, LLC | First Lien Senior Secured Term Loan | SOFR + 8.00%, 12.6% PIK | 12/23 | 12/30 | 6414 | 6414 | 6414 | 0.5% | <sup>(7)(13)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (0.5%)\*** | **Subtotal Chemicals, Plastics, & Rubber (0.5%)\*** | **Subtotal Chemicals, Plastics, & Rubber (0.5%)\*** |  |  | **6414** | **6414** | **6414** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |
| Coastal Marina Holdings, LLC | Subordinated Term Loan | 8.0% Cash | 11/21 | 11/31 | 16620 | 15690 | 15770 | 1.3% | <sup>(7)</sup> |
| Coastal Marina Holdings, LLC | Subordinated Term Loan | 8.0% Cash | 11/21 | 11/31 | 7662 | 7322 | 7271 | 0.6% | <sup>(7)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (1.9%)\*** | **Subtotal Hotel, Gaming, & Leisure (1.9%)\*** |  |  |  | **24282** | **23012** | **23041** |  |  |
| **Subtotal Debt Investments (3.9%)\*** | **Subtotal Debt Investments (3.9%)\*** |  |  |  | **48918** | **47554** | **47677** |  |  |
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** | ***<u>Equity Investments</u>*** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Skyvault Holdings LLC | LLC Units |  | 11/24 |  | 1195449.6 | $1195 | $1195 | 0.1% | <sup>(7)(29)</sup> |
| **Subtotal Aerospace & Defense (0.1%)\*** | **Subtotal Aerospace & Defense (0.1%)\*** |  |  |  |  | **1195** | **1195** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Eclipse Business Capital, LLC | LLC Units |  | 07/21 |  | 89447396 | 93029 | 136855 | 11.5% | <sup>(7)</sup> |
| Rocade Holdings LLC | Common LP Units |  | 02/23 |  | 23.8 |  | 243 | —% | <sup>(7)(29)</sup> |
| Rocade Holdings LLC | Preferred LP Units | SOFR + 6.00% PIK, 10.3% PIK | 02/23 |  | 71000 | 82989 | 83000 | 7.0% | <sup>(7)(13)(30)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (18.5%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (18.5%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (18.5%)\*** |  |  |  | **176018** | **220098** |  |  |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** | | | | | | | | |
| Celebration Bidco, LLC | Common Stock |  | 12/23 |  | 1243071 | $12177 | $11262 | 0.9% | <sup>(7)(29)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (0.9%)\*** | **Subtotal Chemicals, Plastics, & Rubber (0.9%)\*** | **Subtotal Chemicals, Plastics, & Rubber (0.9%)\*** |  |  |  | **12177** | **11262** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Coastal Marina Holdings, LLC | LLC Units |  | 11/21 |  | 3518097 | 16495 | 16852 | 1.4% | <sup>(7)(29)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (1.4%)\*** | **Subtotal Hotel, Gaming, & Leisure (1.4%)\*** |  |  |  |  | **16495** | **16852** |  |  |
| **Investment Funds & Vehicles** | **Investment Funds & Vehicles** |  |  |  |  |  |  |  |  |
| Jocassee Partners LLC | 9.1% Member Interest |  | 06/19 |  |  | 35158 | 40761 | 3.4% | <sup>(3)(30)(32)</sup> |
| Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest |  | 02/22 |  |  | 48441 | 41453 | 3.5% | <sup>(3)(28)(32)</sup> |
| Thompson Rivers LLC | 16% Member Interest |  | 06/20 |  |  | 22897 | 7208 | 0.6% | <sup>(29)(32)</sup> |
| Waccamaw River LLC | 20% Member Interest |  | 02/21 |  |  | 22913 | 10730 | 0.9% | <sup>(3)(32)</sup> |
| **Subtotal Investment Funds & Vehicles (8.4%)\*** | **Subtotal Investment Funds & Vehicles (8.4%)\*** | **Subtotal Investment Funds & Vehicles (8.4%)\*** |  |  |  | **129409** | **100152** |  |  |
| **Subtotal Equity Investments (29.3%)\*** | **Subtotal Equity Investments (29.3%)\*** |  |  |  |  | **335294** | **349559** |  |  |
| **Subtotal Affiliate Investments (33.4%)\*** | **Subtotal Affiliate Investments (33.4%)\*** |  |  |  |  | **382848** | **397236** |  |  |
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Control Investments:</u>***<sup>(5)</sup> | ***<u>Control Investments:</u>***<sup>(5)</sup> |  |  |  |  |  |  |  |  |
| ***<u>Debt Investments</u>*** | ***<u>Debt Investments</u>*** |  |  |  |  |  |  |  |  |
| **Capital Equipment** | **Capital Equipment** |  |  |  |  |  |  |  |  |
| Security Holdings B.V. | Bridge Loan | 5.0% PIK | 12/20 | 06/26 | $6655 | $6655 | $6655 | 0.6% | <sup>(3)(7)(27)</sup> |
| Security Holdings B.V. | Revolver | 6.0% Cash | 09/23 | 06/25 | 5333 | 5650 | 5333 | 0.4% | <sup>(3)(7)(27)(30)</sup> |
| Security Holdings B.V. | Senior Unsecured Term Loan | 6.0% Cash, 9.0% PIK | 04/21 | 04/25 | 2293 | 2526 | 2293 | 0.2% | <sup>(3)(7)(27)</sup> |
| Security Holdings B.V. | Senior Subordinated Term Loan | 3.1% PIK | 12/20 | 06/26 | 11191 | 11191 | 11191 | 0.9% | <sup>(3)(7)(27)</sup> |
| **Subtotal Capital Equipment (2.1%)\*** | **Subtotal Capital Equipment (2.1%)\*** |  |  |  | **25472** | **26022** | **25472** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Black Angus Steakhouses, LLC | First Lien Senior Secured Term Loan | 10.0% PIK | 02/22 | 01/25 | 39067 | 9628 |  | —% | <sup>(7)(26)(28)</sup> |
| Black Angus Steakhouses, LLC | First Lien Senior Secured Term Loan | 14.4% PIK | 02/22 | 01/25 | 8280 | 8091 | 2744 | 0.2% | <sup>(7)(8)(12)(26)(28)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (0.2%)\*** | **Subtotal Hotel, Gaming, & Leisure (0.2%)\*** |  |  |  | **47347** | **17719** | **2744** |  |  |
| **Subtotal Debt Investments (2.3%)\*** | **Subtotal Debt Investments (2.3%)\*** |  |  |  | **72819** | **43741** | **28216** |  |  |
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** | ***<u>Equity Investments</u>*** |  |  |  |  |  |  |  |  |
| **Automotive** | **Automotive** |  |  |  |  |  |  |  |  |
| MVC Automotive Group GmbH | Common Equity Interest |  | 12/20 |  | 18000 | $19173 | $13741 | 1.2% | <sup>(3)(7)(27)(29)</sup> |
| **Subtotal Automotive (1.2%)\*** | **Subtotal Automotive (1.2%)\*** |  |  |  |  | **19173** | **13741** |  |  |
| **Capital Equipment** | **Capital Equipment** |  |  |  |  |  |  |  |  |
| Security Holdings B.V. | Common Stock Series A |  | 02/22 |  | 17100 | 560 | 399 | —% | <sup>(3)(7)(27)(29)</sup> |
| Security Holdings B.V. | Common Stock Series B |  | 12/20 |  | 1236 | 35192 | 37296 | 3.1% | <sup>(3)(7)(27)(29)</sup> |
| **Subtotal Capital Equipment (3.2%)\*** | **Subtotal Capital Equipment (3.2%)\*** |  |  |  |  | **35752** | **37695** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Black Angus Steakhouses, LLC | LLC Units |  | 02/22 |  | 44.6 |  |  | —% | <sup>(7)(28)(29)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (—%)\*** | **Subtotal Hotel, Gaming, & Leisure (—%)\*** |  |  |  |  |  |  |  |  |
| **Investment Funds & Vehicles** | **Investment Funds & Vehicles** |  |  |  |  |  |  |  |  |
| MVC Private Equity Fund LP | General Partnership Interest |  | 03/21 |  | 1831.4 | 184 |  | —% | <sup>(3)(27)(29)</sup> |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(6)</sup> | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| MVC Private Equity Fund LP | Limited Partnership Interest |  | 03/21 |  | 71790.4 | $7282 | $11 | —% | <sup>(3)(27)(29)</sup> |
| **Subtotal Investment Funds & Vehicles (—%)\*** | **Subtotal Investment Funds & Vehicles (—%)\*** | **Subtotal Investment Funds & Vehicles (—%)\*** |  |  |  | **7466** | **11** |  |  |
| **Subtotal Equity Investments (4.4%)\*** | **Subtotal Equity Investments (4.4%)\*** |  |  |  |  | **62391** | **51447** |  |  |
| **Subtotal Control Investments (6.7%)\*** | **Subtotal Control Investments (6.7%)\*** |  |  |  |  | **106132** | **79663** |  |  |
| **Total Investments, December 31, 2024 (205.8%)\*** | **Total Investments, December 31, 2024 (205.8%)\*** | **Total Investments, December 31, 2024 (205.8%)\*** |  |  |  | $**2522696** | $**2449272** |  |  |

---

***Derivative Instruments***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***<u>Interest Rate Swaps:</u>*** | | | | | | | |
| **Description** |<br>**Company Receives** |<br>**Company Pays** |<br>**Maturity Date** |<br>**Notional Amount** |<br>**Value** |<br>**Hedged Instrument** |<br>**Unrealized Appreciation (Depreciation)** |
| Interest rate swap (See Note 5) | 7.00% | SOFR + 3.1475% | 2/15/2029 | $300000 | $(4396) | February 2029 Notes | $(4396) |
| **Total Interest Rate Swaps, December 31, 2024** | **Total Interest Rate Swaps, December 31, 2024** | **Total Interest Rate Swaps, December 31, 2024** |  |  |  |  | $(4396) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***<u>Credit Support Agreements:</u>*** | | | | | |
| **Description(d)** |<br>**Counterparty** |<br>**Settlement Date** |<br>**Notional Amount** |<br>**Value** |<br>**Unrealized Appreciation (Depreciation)** |
| MVC Credit Support Agreement(a)(b)(c) | Barings LLC | 01/01/31 | $23000 | $19250 | $5650 |
| Sierra Credit Support Agreement(e)(f)(g) | Barings LLC | 04/01/32 | 100000 | 44200 | (200) |
| Total Credit Support Agreements, December 31, 2024 |  |  | $123000 | $63450 | $5450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The MVC Credit Support Agreement (as defined in "Note 2 - Agreements and Related Party Transactions") covers all of the investments acquired by the Company from MVC in connection with the MVC Acquisition 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 (27).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp; The Company and Barings entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) See "Note 2 – Agreements and Related Party Transactions" for additional information regarding the Credit Support Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; The Sierra Credit Support Agreement covers all of the investments acquired by the Company from Sierra in connection with the Sierra Merger and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the Sierra Reference Portfolio. Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***<u>Foreign Currency Forward Contracts:</u>*** | | | | | |
| **Description** |<br>**Notional Amount to be Purchased** |<br>**Notional Amount to be Sold** |<br>**Counterparty** |<br>**Settlement Date** |<br>**Unrealized Appreciation (Depreciation)** |
| Foreign currency forward contract (AUD) | A$7,000 | $4519 | BNP Paribas SA | 01/08/25 | $(185) |
| Foreign currency forward contract (AUD) | A$64,484 | $41090 | HSBC Bank USA | 01/08/25 | (1164) |
| Foreign currency forward contract (AUD) | A$8,000 | $5010 | BNP Paribas SA | 04/07/25 | (56) |
| Foreign currency forward contract (AUD) | $954 | A$1,478 | Bank of America, N.A. | 01/08/25 | 39 |
| Foreign currency forward contract (AUD) | $965 | A$1,411 | BNP Paribas SA | 01/08/25 | 92 |
| Foreign currency forward contract (AUD) | $46948 | A$68,596 | HSBC Bank USA | 01/08/25 | 4477 |
| Foreign currency forward contract (AUD) | $41247 | A$64,724 | HSBC Bank USA | 04/07/25 | 1167 |
| Foreign currency forward contract (CAD) | C$8,709 | $6161 | HSBC Bank USA | 01/08/25 | (105) |
| Foreign currency forward contract (CAD) | C$7,000 | $4896 | HSBC Bank USA | 04/07/25 | (11) |
| Foreign currency forward contract (CAD) | $6461 | C$8,709 | BNP Paribas SA | 01/08/25 | 404 |
| Foreign currency forward contract (CAD) | $72 | C$103 | BNP Paribas SA | 04/07/25 |  |
| Foreign currency forward contract (CAD) | $6326 | C$8,913 | HSBC Bank USA | 04/07/25 | 107 |
| Foreign currency forward contract (DKK) | 2,570kr. | $362 | BNP Paribas SA | 01/08/25 | (5) |
| Foreign currency forward contract (DKK) | $385 | 2,570kr. | HSBC Bank USA | 01/08/25 | 28 |
| Foreign currency forward contract (DKK) | $370 | 2,615kr. | BNP Paribas SA | 04/07/25 | 5 |
| Foreign currency forward contract (EUR) | €4,658 | $4921 | BNP Paribas SA | 01/08/25 | (96) |
| Foreign currency forward contract (EUR) | €95,436 | $100299 | HSBC Bank USA | 01/08/25 | (1455) |
| Foreign currency forward contract (EUR) | $111003 | €99,494 | BNP Paribas SA | 01/08/25 | 7955 |
| Foreign currency forward contract (EUR) | $671 | €600 | HSBC Bank USA | 01/08/25 | 50 |
| Foreign currency forward contract (EUR) | $100856 | €95,570 | HSBC Bank USA | 04/07/25 | 1467 |
| Foreign currency forward contract (NZD) | NZ$15,538 | $9003 | HSBC Bank USA | 01/08/25 | (297) |
| Foreign currency forward contract (NZD) | $198 | NZ$312 | Bank of America, N.A. | 01/08/25 | 23 |
| Foreign currency forward contract (NZD) | $9538 | NZ$15,226 | HSBC Bank USA | 01/08/25 | 1007 |
| Foreign currency forward contract (NZD) | $9187 | NZ$15,840 | HSBC Bank USA | 04/07/25 | 302 |
| Foreign currency forward contract (NOK) | 45,770kr | $4104 | HSBC Bank USA | 01/08/25 | (75) |
| Foreign currency forward contract (NOK) | $83 | 921kr | Bank of America, N.A. | 01/08/25 | 2 |
| Foreign currency forward contract (NOK) | $4273 | 44,849kr | HSBC Bank USA | 01/08/25 | 325 |
| Foreign currency forward contract (NOK) | $4132 | 46,087kr | HSBC Bank USA | 04/07/25 | 75 |
| Foreign currency forward contract (GBP) | £5,800 | $7272 | Bank of America, N.A. | 01/08/25 | (8) |
| Foreign currency forward contract (GBP) | £59,563 | $75949 | BNP Paribas SA | 01/08/25 | (1356) |
| Foreign currency forward contract (GBP) | $1789 | £1,382 | Bank of America, N.A. | 01/08/25 | 59 |
| Foreign currency forward contract (GBP) | $85174 | £63,981 | HSBC Bank USA | 01/08/25 | 5047 |
| Foreign currency forward contract (GBP) | $75962 | £59,607 | BNP Paribas SA | 04/07/25 | 1363 |
| Foreign currency forward contract (SEK) | 16,492kr | $1505 | HSBC Bank USA | 01/08/25 | (12) |
| Foreign currency forward contract (SEK) | $34 | 339kr | Bank of America, N.A. | 01/08/25 | 3 |
| Foreign currency forward contract (SEK) | $1593 | 16,153kr | HSBC Bank USA | 01/08/25 | 130 |
| Foreign currency forward contract (SEK) | $1541 | 16,805kr | HSBC Bank USA | 04/07/25 | 12 |
| Foreign currency forward contract (CHF) | 5,622Fr. | $6378 | HSBC Bank USA | 01/08/25 | (173) |
| Foreign currency forward contract (CHF) | $6706 | 5,622Fr. | Bank of America, N.A. | 01/08/25 | 502 |
| Foreign currency forward contract (CHF) | $6511 | 5,685Fr. | HSBC Bank USA | 04/07/25 | 175 |
| **Total Foreign Currency Forward Contracts, December 31, 2024** | **Total Foreign Currency Forward Contracts, December 31, 2024** |  |  |  | $19818 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company's investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and the 1940 Act. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company's portfolio companies bear interest at a rate that may be determined by reference to SOFR, EURIBOR, BBSY, STIBOR, CORRA, SONIA, SARON, NIBOR, BKBM or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company's portfolio company investments (including joint venture investments), which as of December 31, 2024 represented 205.8% 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.

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 26.1% of total investments at fair value as of December 31, 2024. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled "Affiliate Investments" for the year ended December 31, 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2023<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **December 31, 2024<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2023<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **December 31, 2024<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Celebration Bidco, LLC<sup>(d)</sup> | First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.6% PIK) | $6214 | $200 | $— | $— | $— | $6414 | $837 |
| Celebration Bidco, LLC<sup>(d)</sup> | Common Stock (1,243,071 shares) | 12177 |  |  |  | (915) | 11262 |  |
| Celebration Bidco, LLC<sup>(d)</sup> |  | 18391 | 200 |  |  | (915) | 17676 | 837 |
| Coastal Marina Holdings, LLC<sup>(d)</sup> | Subordinated Term Loan<br>(8.0% Cash) | 15649 | 95 |  |  | 26 | 15770 | 1428 |
| Coastal Marina Holdings, LLC<sup>(d)</sup> | Subordinated Term Loan <br>(8.0% Cash) | 6868 | 403 |  |  |  | 7271 | 711 |
| Coastal Marina Holdings, LLC<sup>(d)</sup> | LLC Units (3,518,097 units) | 12160 | 5551 |  |  | (859) | 16852 |  |
| Coastal Marina Holdings, LLC<sup>(d)</sup> |  | 34677 | 6049 |  |  | (833) | 39893 | 2139 |
| Eclipse Business Capital, LLC<sup>(d)</sup> | Revolver (SOFR + 7.25%, 11.9% Cash) | 5545 | 27656 | (23091) |  | (19) | 10091 | 817 |
| Eclipse Business Capital, LLC<sup>(d)</sup> | Second Lien Senior Secured Term Loan (7.5% Cash) | 4545 | 6 |  |  | (6) | 4545 | 323 |
| Eclipse Business Capital, LLC<sup>(d)</sup> | LLC units (89,447,396 units) | 145799 | 66 |  |  | (9010) | 136855 | 14894 |
| Eclipse Business Capital, LLC<sup>(d)</sup> |  | 155889 | 27728 | (23091) |  | (9035) | 151491 | 16034 |
| Hylan Datacom & Electrical LLC<sup>(d)</sup> | First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.4% Cash) | 3917 | 172 | (3917) |  | (172) |  | 311 |
| Hylan Datacom & Electrical LLC<sup>(d)</sup> | Second Lien Senior Secured Term Loan (SOFR + 3.00%, 8.5% Cash) | 4519 | 161 | (4680) |  |  |  | 181 |
| Hylan Datacom & Electrical LLC<sup>(d)</sup> | Common Stock<br>(102,144 shares) | 2013 |  | (1040) | (4179) | 3206 |  |  |
| Hylan Datacom & Electrical LLC<sup>(d)</sup> |  | 10449 | 333 | (9637) | (4179) | 3034 |  | 492 |
| Jocassee Partners LLC | 9.1% Member Interest | 41053 |  |  |  | (292) | 40761 | 5709 |
| Jocassee Partners LLC |  | 41053 |  |  |  | (292) | 40761 | 5709 |
| Rocade Holdings LLC<sup>(d)</sup>  | Preferred LP Units (71,000 units) (SOFR + 6.00% PIK, 10.3% PIK) | 73113 | 12098 | (2222) |  | 11 | 83000 | 8598 |
| Rocade Holdings LLC<sup>(d)</sup>  | Common LP Units (23.8 units) | 844 |  |  |  | (601) | 243 |  |
| Rocade Holdings LLC<sup>(d)</sup>  |  | 73957 | 12098 | (2222) |  | (590) | 83243 | 8598 |
| Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest | 39172 |  |  |  | 2281 | 41453 | 2225 |
| Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest | 39172 |  |  |  | 2281 | 41453 | 2225 |
| Skyvault Holdings LLC<sup>(d)</sup> | First Lien Senior Secured Term Loan (12.0% PIK) |  | 3586 |  |  |  | 3586 | 36 |
| Skyvault Holdings LLC<sup>(d)</sup> | LLC Units (1,195,449.6 units) |  | 1195 |  |  |  | 1195 |  |
| Skyvault Holdings LLC<sup>(d)</sup> |  |  | 4781 |  |  |  | 4781 | 36 |
| Thompson Rivers LLC | 16% Member Interest | 13365 |  | (5991) |  | (166) | 7208 |  |
| Thompson Rivers LLC |  | 13365 |  | (5991) |  | (166) | 7208 |  |

---

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2023<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **December 31, 2024<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2023<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **December 31, 2024<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Waccamaw River LLC | 20% Member Interest | 15470 |  | (2087) |  | (2653) | 10730 | 3535 |
| Waccamaw River LLC | 20% Member Interest | 15470 |  | (2087) |  | (2653) | 10730 | 3535 |
| **Total Affiliate Investments** | **Total Affiliate Investments** | $**402423** | $**51189** | $**(43028)** | $**(4179)** | $**(9169)** | $**397236** | $**39605** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fair value of the investment was determined using significant unobservable inputs.

(5)&nbsp;&nbsp;&nbsp;&nbsp;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, 2024 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2023<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **December 31, 2024<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2023<br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **December 31, 2024<br> Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Black Angus Steakhouses, LLC<sup>(d)</sup> | First Lien Senior Secured Term Loan (14.4% PIK)<sup>(e)</sup> | $7166 | $1114 | $— | $— | $(5536) | $2744 | $1028 |
| Black Angus Steakhouses, LLC<sup>(d)</sup> | First Lien Senior Secured Term Loan (10.0% PIK)<sup>(e)</sup> | 4869 |  |  |  | (4869) |  |  |
| Black Angus Steakhouses, LLC<sup>(d)</sup> | LLC Units (44.6 units) |  |  |  |  |  |  |  |
| Black Angus Steakhouses, LLC<sup>(d)</sup> |  | 12035 | 1114 |  |  | (10405) | 2744 | 1028 |
| MVC Automotive Group GmbH<sup>(d)</sup> | Bridge Loan (4.5% Cash, 1.5% PIK) | 9762 | 720 | (9620) | (862) |  |  | 495 |
| MVC Automotive Group GmbH<sup>(d)</sup> | Common Equity Interest (18,000 Shares) | 15430 | 9620 |  |  | (11309) | 13741 |  |
| MVC Automotive Group GmbH<sup>(d)</sup> |  | 25192 | 10340 | (9620) | (862) | (11309) | 13741 | 495 |
| MVC Private Equity Fund LP | General Partnership Interest<br>(1,831.4 units) | 24 |  | (17) |  | (7) |  | 48 |
| MVC Private Equity Fund LP | Limited Partnership Interest<br>(71,790.4 units) | 981 |  | (678) |  | (292) | 11 |  |
| MVC Private Equity Fund LP |  | 1005 |  | (695) |  | (299) | 11 | 48 |
| Security Holdings B.V<sup>(d)</sup> | Bridge Loan (5.0% PIK) | 6328 | 327 |  |  |  | 6655 | 326 |
| Security Holdings B.V<sup>(d)</sup> | Revolver (6.0% Cash) | 3866 | 1828 | (12) | 17 | (366) | 5333 | 188 |
| Security Holdings B.V<sup>(d)</sup> | Senior Subordinated Term Loan (3.1% PIK) | 10867 | 324 |  |  |  | 11191 | 273 |
| Security Holdings B.V<sup>(d)</sup> | Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK) | 2236 | 208 |  |  | (151) | 2293 | 255 |
| Security Holdings B.V<sup>(d)</sup> | Common Stock Series A (17,100 shares) | 311 |  |  |  | 88 | 399 |  |
| Security Holdings B.V<sup>(d)</sup> | Common Stock Series B (1,236 shares) | 29080 |  |  |  | 8216 | 37296 |  |
| Security Holdings B.V<sup>(d)</sup> |  | 52688 | 2687 | (12) | 17 | 7787 | 63167 | 1042 |
| **Total Control Investments** | **Total Control Investments** | $**90920** | $**14141** | $**(10327)** | $**(845)** | $**(14226)** | $**79663** | $**2613** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fair value of the investment was determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-accrual investment.

(6)All of the investment is or will be encumbered as security for the Company's $0.8 billion February 2019 Credit Facility with ING.

(7)The fair value of the investment was determined using significant unobservable inputs.

(8)Debt investment includes interest rate floor feature.

------

**Barings BDC, Inc.**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2024**

**(Amounts in thousands, except unit/share amounts)**

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2024 was 2.84500%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2024 was 2.71400%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2024 was 2.56800%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2024 was 4.33249%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2024 was 4.30510%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2024 was 4.25001%.

(15)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2024 was 4.71030%.

(16)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2024 was 4.62330%.

(17)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2024 was 4.56370%.

(18)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2024 was 4.32250%.

(19)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2024 was 4.41630%.

(20)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2024 was 4.49250%.

(21)The interest rate on these loans is subject to 3 Month CORRA, which as of December 31, 2024 was 3.15158%.

(22)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2024 was 2.54200%.

(23)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2024 was 4.27000%.

(24)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, 2024 was 1.01720%.

(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2024 was 4.61000%.

(26)Non-accrual investment.

(27)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.

(28)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.

(29)Investment is non-income producing.

(30)Position or portion thereof is an unfunded loan or equity commitment.

(31)PIK non-accrual investment.

(32)Portfolio company does not issue shares or units, member interest is based on commitments.

*See accompanying notes.*

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements**

**1. ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION** 

Barings BDC, Inc. (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 and intends to qualify annually as a regulated investment company ("RIC") under Subchapter M of 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 Barings BDC Advisory Agreement (as defined in "Note 2. Agreements and Related Party Transactions") and reimburses Barings, in its role as the Company's administrator, for its provision of administrative services to the Company pursuant to the Administration Agreement. See "Note 2. Agreements and Related Party Transactions" for additional information regarding the Company's investment advisory agreement and administration agreement.

***Basis of Presentation***

The financial statements of the Company include the accounts of Barings BDC, Inc. and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies* ("ASC Topic 946"). 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, 2024. 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 December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update, 2023-09, Income Taxes (Topic 740) ("ASU 2023-09"), which updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendment also provides further disclosure comparability. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a significant impact on its consolidated financial statements.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

**Share Repurchase Programs**

On February 22, 2024, the Board authorized a 12-month share repurchase program (the "Prior Share Repurchase Program"). Under the Prior Share Repurchase Program, the Company was able to repurchase, during the 12-month period commencing on March 1, 2024, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current net asset value ("NAV") per share. The timing, manner, price and amount of any share repurchases was determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company's stock price, applicable legal, contractual and regulatory requirements and other factors. The Prior Share Repurchase Program terminated on March 1, 2025. The Prior Share Repurchase Program did not require the Company to repurchase any specific number of shares, and the Company could not assure stockholders that any shares would have been repurchased under the program. During both the three and six months ended June 30, 2025, the Company did not repurchase any shares pursuant to the Prior Share Repurchase Program. During the year ended December 31, 2024, the Company purchased a total of 658,132 shares of its common stock in the open market under the Prior Share Repurchase Program at an average price of $9.79 per share, including brokerage commissions.

On February 20, 2025, the Board authorized a new 12-month share repurchase program (the "Share Repurchase Program"). Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on March 1, 2025, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company's stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2026, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended June 30, 2025, the Company repurchased a total of 100,000 shares of its common stock in the open market under the Share Repurchase Program at an average price of $8.88 per share, including brokerage commissions. During the six months ended June 30, 2025, the Company repurchased a total of 250,000 shares of its common stock in the open market under the Share Repurchase Program at an average price of $9.35 per share, including brokerage commissions.

**2. AGREEMENTS AND RELATED PARTY TRANSACTIONS**

On August 2, 2018, the Company entered into the Original Advisory Agreement and the Administration Agreement with the Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended. In connection with the completion of the Company's acquisition of MVC on December 23, 2020 (the "MVC Acquisition"), 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 completion of the Company's acquisition of Sierra on February 25, 2022 (the "Sierra Merger"), the Company entered into a second amended and restated investment advisory agreement (the "Second Amended Barings BDC Advisory Agreement") with the Adviser, which increased the hurdle rate applicable to the income incentive fee from 2.0% to 2.0625% per quarter (or from 8.0% to 8.25% annualized) and therefore increased the catch-up amount that is used in calculating the income incentive fee to correspond to the increase in the hurdle rate. All other terms and provisions of the Amended and Restated Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the other fees payable to the Adviser, remained unchanged under the Second Amended Barings BDC Advisory Agreement. On June 24, 2023, the Company entered into a third amended and restated investment advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24 of each year subject to annual re-approval in accordance with its terms (the "Barings BDC Advisory Agreement"). All other terms and provisions of the Second Amended Barings BDC Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the fees payable to the Adviser, remain unchanged under the Barings BDC Advisory Agreement.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

***Investment Advisory Agreement***

Pursuant to the 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 Barings BDC Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the "IA Indemnified Parties"), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser's duties or obligations under the Barings BDC Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser's services under the 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 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 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 is 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 prorated.

For the three and six months ended June 30, 2025, the Base Management Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were approximately $8.2 million and $16.2 million, respectively. For the three and six months ended June 30, 2024, the Base Management Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were approximately $8.2 million and $16.5 million, respectively. As of June 30, 2025, the Base Management Fee of $8.2 million for the three months ended June 30, 2025 was unpaid and included in "Base management fees payable" in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the Base Management Fee of $7.9 million for the three months ended December 31, 2024 was unpaid and included in "Base management fees payable" in the accompanying Consolidated Balance Sheet.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

***Incentive Fee***

The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on the Company's income (the "Income-Based Fee") and a portion is based on the Company's capital gains (the "Capital Gains Fee"), each as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Income-Based Fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate "Pre-Incentive Fee Net Investment Income" (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of the Company's first eleven calendar quarters that commences on or after January 1, 2021) (in either case, the "Trailing Twelve Quarters") exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Quarters. The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of the Company's NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. For this purpose, "Pre-Incentive Fee Net Investment Income" means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The calculation of the Income-Based Fee for each quarter is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;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 was 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.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

"Net Capital Loss" in respect of a particular period means the difference, if positive, between (i) aggregate capital losses on the Company's assets, whether realized or unrealized, in such period and (ii) aggregate capital gains or other gains on the Company's assets (including, for the avoidance of doubt, the value ascribed to any credit support arrangement in the Company's financial statements even if such value is not categorized as a gain therein), whether realized or unrealized, in such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement), commencing with the calendar year ended on December 31, 2018, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company's cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company's cumulative aggregate realized capital gains, in each case calculated from August 2, 2018. If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the calendar year ended on December 31, 2018. If such amount is negative, then there is no Capital Gains Fee payable for such year. If this Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.

Under the 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 Barings BDC Advisory Agreement, the "accreted or amortized cost basis of an investment" shall mean the accreted or amortized cost basis of such investment as reflected in the Company's financial statements.

For the three and six months ended June 30, 2025, the Income-Based Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were $11.1 million and $18.9 million, respectively. For the three and six months ended June 30, 2024, the Income-Based Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were $1.1 million and $9.3 million, respectively. As of June 30, 2025, the Income-Based Fee of $11.1 million was unpaid and included in "Incentive management fees payable" in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the Income-Based Fee of $7.9 million 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 six months ended June 30, 2025 or 2024.

***Payment of Company Expenses***

Under the 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 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 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.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The Company will reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. The costs and expenses incurred by the Adviser on behalf of the Company under the Administration Agreement include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the allocable portion of the salaries, bonuses, benefits and expenses of the Company's Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 U.S. GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with (a) the monitoring and preparation of regulatory reporting, including registration statements and amendments thereto, prospectus supplements, and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.

For the three and six months ended June 30, 2025, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.4 million and $0.7 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 six months ended June 30, 2024, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.4 million and $1.0 million, respectively, under the terms of the Administration Agreement, which amounts are included in "General and administrative expenses" in the accompanying Unaudited Consolidated Statements of Operations. As of June 30, 2025, the administrative expenses of $0.4 million for the three months ended June 30, 2025 were unpaid and included in "Administrative fees payable" in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the administrative expenses of $0.5 million incurred for the three months ended December 31, 2024 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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The MVC Credit Support Agreement covered all of the investments in the MVC Reference Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser had an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the MVC Reference Portfolio over (2) the aggregate realized and unrealized gains on the MVC Reference Portfolio, in each case from the date of the closing of the Company's merger with MVC through the MVC Designated Settlement Date (as defined below) (up to a $23.0 million cap) (such amount, the "MVC Covered Losses"). For purposes of the MVC Credit Support Agreement, "MVC Designated Settlement Date" was defined as the earlier of (1) January 1, 2031 and (2) the date on which the entire MVC Reference Portfolio would have been realized or written off. No credit support was 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 exceeded realized and unrealized losses of the MVC Reference Portfolio on the MVC Designated Settlement Date.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser would settle any credit support obligation under the MVC Credit Support Agreement as follows. If the MVC Covered Losses were greater than $0.00, then, in satisfaction of the Adviser's obligation set forth in the MVC Credit Support Agreement, the Adviser would irrevocably waive during the MVC Waiver Period (as defined below) (1) the Incentive Fees payable under the 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 exceeded such Incentive Fee, the Base Management Fees payable under the Barings BDC Advisory Agreement. The "MVC Waiver Period" was defined as the four quarterly measurement periods immediately following the quarter in which the MVC Designated Settlement Date would have occurred. If the MVC Covered Losses exceeded 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 would 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The MVC Credit Support Agreement and the rights of the Company thereunder would have automatically terminated if the Adviser (or an affiliate of the Adviser) ceased 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 would 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 would have no obligations under the MVC Credit Support Agreement.

The MVC Credit Support Agreement was 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 was 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 would be excluded from the Company's Incentive Fee calculations under the 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. As of December 31, 2024, the MVC Credit Support Agreement was accounted for as a derivative in accordance with ASC Topic 815, *Derivatives and Hedging* ("ASC Topic 815"), and is included in "Credit support agreements" in the accompanying Audited Consolidated Balance Sheets.

On May 8, 2025, the Company entered into the Termination and Cancellation Agreement (the "Termination Agreement") with Barings to terminate all rights and obligations under the MVC Credit Support Agreement in exchange for Barings' cash payment of $23.0 million to the Company, which amount represents Barings' maximum obligation under the MVC Credit Support Agreement. Barings' cash payment of $23.0 million to the Company was made on June 30, 2025, and the Company recorded a $9.4 million gain, which is included in the "Net realized gains (losses) - Credit support agreements" in the accompanying Unaudited Consolidated Statements of Operations.

***Sierra Credit Support Agreement***

In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company's merger with Sierra, the Company entered into a Credit Support Agreement (the "Sierra Credit Support Agreement") with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. A summary of the material terms of the Sierra Credit Support Agreement are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Sierra Credit Support Agreement covers all of the investments in the Sierra Reference Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the Sierra Reference Portfolio less (2) the aggregate realized and unrealized gains on the Sierra Reference Portfolio, in each case from the date of the closing of the Company's merger with Sierra through the Sierra Designated Settlement Date (as defined below) (up to a $100.0 million cap) (such amount, the "Covered Losses"). For purposes of the Sierra Credit Support Agreement, "Sierra Designated Settlement Date" means the earlier of (1) April 1, 2032 and (2) the date on which the entire Sierra Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the Sierra Credit

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

Support Agreement if the aggregate realized and unrealized gains on the Sierra Reference Portfolio exceed realized and unrealized losses of the Sierra Reference Portfolio on the Sierra Designated Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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 Barings BDC Advisory Agreement. The "Waiver Period" means the four quarterly measurement periods immediately following the quarter in which the Sierra Designated Settlement Date occurs. If the Covered Losses exceed the aggregate amount of Incentive Fees and Base Management Fees waived by the Adviser during the Waiver Period, then, on the date on which the last Incentive Fee or Base Management Fee payment would otherwise be due during the Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the Covered Losses and the aggregate amount of Incentive Fees and Base Management Fees previously waived by the Adviser during the Waiver Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Sierra Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the Sierra Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the Sierra Credit Support Agreement.

The Sierra Credit Support Agreement is intended to give stockholders of the combined company following the Sierra Merger downside protection from net cumulative realized and unrealized losses on the acquired Sierra portfolio and insulate the combined company's stockholders from potential value volatility and losses in Sierra's portfolio following the closing of the Company's merger with Sierra. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the Sierra Credit Support Agreement. Any cash payment from the Adviser to the Company under the Sierra Credit Support Agreement will be excluded from the combined company's Incentive Fee calculations under the Barings BDC Advisory Agreement.

When the Company and the Adviser entered into the Sierra Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in "Additional paid-in capital" in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet. In addition, the Sierra Credit Support Agreement is accounted for as a derivative in accordance with ASC Topic 815, and is included in "Credit support agreements" in the accompanying Unaudited and Audited Consolidated Balance Sheets.

**3. INVESTMENTS**

***Portfolio Composition***

The Company invests predominantly in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured product investments, bonds and other fixed income securities. Structured product investments include collateralized loan obligations and asset-backed securities. The Adviser's existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser's affiliated private funds and SEC-registered funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The cost basis of the Company's debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and payment-in-kind ("PIK") interest, if any. Summaries of the composition of the Company's investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ in thousands) | **Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** | **Percentage of<br>Total <br>Net Assets** |
| **June 30, 2025:** |  |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $1875449 | 71% | $1851109 | 71% | 157% |
| Subordinated debt and 2<sup>nd</sup> lien notes | 197950 | 8 | 192468 | 7 | 16 |
| Structured products | 55023 | 2 | 45658 | 2 | 4 |
| Equity shares | 381508 | 14 | 440536 | 17 | 38 |
| Equity warrants | 76 |  | 1087 |  |  |
| Royalty rights | 1341 |  | 1542 |  |  |
| Investment in joint ventures | 124483 | 5 | 91482 | 3 | 8 |
|  | $2635830 | 100% | $2623882 | 100% | 223% |
| **December 31, 2024:** |  |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $1747841 | 69% | $1686411 | 69% | 142% |
| Subordinated debt and 2<sup>nd</sup> lien notes | 184043 | 7 | 165455 | 7 | 14 |
| Structured products | 89543 | 4 | 79548 | 3 | 7 |
| Equity shares | 360691 | 14 | 409129 | 17 | 34 |
| Equity warrants | 76 |  | 2732 |  |  |
| Royalty rights | 3627 |  | 5833 |  | 1 |
| Investment in joint ventures / PE fund | 136875 | 6 | 100164 | 4 | 8 |
|  | $2522696 | 100% | $2449272 | 100% | 206% |

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During the three months ended June 30, 2025, the Company made 19 new investments totaling $137.3 million and made investments in existing portfolio companies totaling $61.7 million. During the six months ended June 30, 2025, the Company made 33 new investments totaling $266.9 million and made investments in existing portfolio companies totaling $139.0 million.

During the three months ended June 30, 2024, the Company made nine new investments totaling $38.5 million and made investments in existing portfolio companies totaling $40.0 million. During the six months ended June 30, 2024, the Company made 19 new investments totaling $102.1 million and made investments in existing portfolio companies totaling $118.8 million.

***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. Under Jocassee's current operating agreement, as amended to date, the Company and SCRS have a capital commitment of $100.0 million and $500.0 million, respectively, of equity capital to Jocassee. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.

For both the three and six months ended June 30, 2025 and 2024, Jocassee declared $15.7 million and $31.4 million, respectively, in distributions, of which $1.4 million and $2.9 million, respectively, was recognized as dividend income in the Company's Unaudited Consolidated Statements of Operations.

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The total value of Jocassee's investment portfolio was $1,130.1 million as of June 30, 2025, as compared to $1,095.3 million as of December 31, 2024. As of June 30, 2025, Jocassee's investments had an aggregate cost of $1,165.8 million, as compared to $1,159.0 million as of December 31, 2024. As of June 30, 2025 and December 31, 2024, the weighted average yield on the principal amount of Jocassee's outstanding debt investments other than non-accrual debt investments was approximately 8.7% and 9.2%, respectively. As of June 30, 2025 and December 31, 2024, the Jocassee investment portfolio consisted of the following investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Cost** | **Percentage of<br>Total<br>Portfolio** | **Fair Value** | **Percentage of<br>Total<br>Portfolio** |
| **June 30, 2025:** |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $1101609 | 95% | $1090810 | 97% |
| Subordinated debt and 2<sup>nd</sup> lien notes | 10218 | 1 | 10009 | 1 |
| Equity shares | 874 |  | 559 |  |
| Investment in joint ventures | 38938 | 3 | 14573 | 1 |
| Short-term investments | 14138 | 1 | 14138 | 1 |
|  | $1165777 | 100% | $1130089 | 100% |
| **December 31, 2024:** |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $1092038 | 94% | $1052366 | 96% |
| Subordinated debt and 2<sup>nd</sup> lien notes | 11388 | 1 | 11141 | 1 |
| Equity shares | 874 |  | 636 |  |
| Equity warrants |  |  | 455 |  |
| Investment in joint ventures | 44416 | 4 | 20427 | 2 |
| Short-term investments | 10283 | 1 | 10283 | 1 |
|  | $1158999 | 100% | $1095308 | 100% |

---

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The industry composition of Jocassee's investments at fair value at June 30, 2025 and December 31, 2024, excluding short-term investments, was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| Aerospace & Defense | $55159 | 5% | $61069 | 6% |
| Automotive | 10770 | 1 | 11236 | 1 |
| Banking, Finance, Insurance, & Real Estate | 112211 | 10 | 115269 | 11 |
| Beverage, Food, & Tobacco | 33178 | 3 | 28657 | 3 |
| Capital Equipment | 13388 | 1 | 13376 | 1 |
| Chemicals, Plastics, & Rubber | 27236 | 2 | 30248 | 3 |
| Construction & Building | 24688 | 2 | 21805 | 2 |
| Consumer goods: Durable | 22791 | 2 | 26531 | 2 |
| Consumer goods: Non-durable | 24122 | 2 | 21629 | 2 |
| Containers, Packaging, & Glass | 26907 | 2 | 28616 | 3 |
| Energy: Electricity | 9056 | 1 | 10005 | 1 |
| Energy: Oil & Gas | 12620 | 1 | 11209 | 1 |
| Environmental Industries | 14603 | 1 | 6237 |  |
| Forest Products & Paper | 2031 |  | 1156 |  |
| Healthcare & Pharmaceuticals | 118844 | 11 | 113530 | 10 |
| High Tech Industries | 112171 | 10 | 87247 | 8 |
| Hotel, Gaming, & Leisure | 21530 | 2 | 22031 | 2 |
| Investment Funds & Vehicles | 14573 | 1 | 20427 | 2 |
| Media: Advertising, Printing, & Publishing | 17598 | 2 | 10420 | 1 |
| Media: Broadcasting & Subscription | 16105 | 2 | 17297 | 2 |
| Media: Diversified & Production | 48892 | 4 | 41913 | 4 |
| Metals & Mining | 4753 | 1 | 4028 |  |
| Retail | 9453 | 1 | 12361 | 1 |
| Services: Business | 198164 | 18 | 213492 | 20 |
| Services: Consumer | 64549 | 6 | 58080 | 5 |
| Telecommunications | 37863 | 3 | 36205 | 3 |
| Transportation: Cargo | 41553 | 4 | 41968 | 4 |
| Transportation: Consumer | 9288 | 1 | 8529 | 1 |
| Utilities: Electric | 11463 | 1 | 10454 | 1 |
| Utilities: Oil & Gas | 392 |  |  |  |
| **Total** | $1115951 | 100% | $1085025 | 100% |

---

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The geographic composition of Jocassee's investments at fair value at June 30, 2025 and December 31, 2024, excluding short-term investments, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| Australia | $23632 | 2% | $23187 | 2% |
| Austria | 6456 | 1 | 5695 | 1 |
| Belgium | 20579 | 2 | 20741 | 2 |
| Canada | 397 |  | 590 |  |
| France | 107694 | 10 | 124810 | 12 |
| Germany | 39868 | 4 | 35691 | 3 |
| Hong Kong | 14906 | 1 | 14843 | 1 |
| Ireland | 13560 | 1 | 7302 | 1 |
| Luxembourg | 2397 |  | 2128 |  |
| Netherlands | 44668 | 4 | 39504 | 4 |
| Panama |  |  | 1470 |  |
| Singapore | 4938 |  | 5000 | 1 |
| Spain |  |  | 2078 |  |
| Sweden |  |  | 3523 |  |
| Switzerland | 593 |  | 595 |  |
| United Kingdom | 118800 | 11 | 111097 | 10 |
| USA | 717463 | 64 | 686771 | 63 |
| **Total** | $1115951 | 100% | $1085025 | 100% |

---

Jocassee's subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $183.2 million and $173.5 million outstanding as of June 30, 2025 and December 31, 2024, respectively. Jocassee's credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $210.8 million and $266.7 million outstanding as of June 30, 2025 and December 31, 2024, respectively. Jocassee's term debt securitization, which is non-recourse to the Company, had approximately $323.8 million and $323.7 million outstanding as of June 30, 2025 and December 31, 2024, respectively.

The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of June 30, 2025 and December 31, 2024, the Company had sold $1,119.2 million and $1,063.3 million, respectively, of its investments to Jocassee. For both the three and six months ended June 30, 2025, the Company realized a gain on the sales of its investments to Jocassee of $0.7 million. As of June 30, 2025 and December 31, 2024, the Company had $9.6 million and nil, 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 Topic 860, *Transfers and Servicing* ("ASC Topic 860"), for treatment as a sale and satisfies the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.

The Company has determined that Jocassee is an investment company under ASC Topic 946, 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.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

As of June 30, 2025 and December 31, 2024, Jocassee had the following contributed capital and unfunded commitments from its members:

---

| | | |
|:---|:---|:---|
| **($ in thousands)** | **As of** <br>**June 30, 2025** | **As of** <br>**December 31, 2024** |
| Total contributed capital by Barings BDC, Inc. | $35000 | $35000 |
| Total contributed capital by all members | 385000 | 385000 |
| Total unfunded commitments by Barings BDC, Inc. | 65000 | 65000 |
| Total unfunded commitments by all members | 215000 | 215000 |

---

***Thompson Rivers LLC***

On April 28, 2020, Thompson Rivers LLC ("Thompson Rivers") was formed as a Delaware limited liability company. On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers' current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of June 30, 2025. As of June 30, 2025, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.

For the three and six months ended June 30, 2025, Thompson Rivers declared $4.0 million and $10.0 million, respectively, in distributions, of which nil was recognized as dividend income in the Company's Unaudited Consolidated Statements of Operations. In addition, for the three and six months ended June 30, 2025, the Company recognized $0.6 million and $1.6 million, respectively, of the distributions as a return of capital. For the three and six months ended June 30, 2024, Thompson Rivers declared $7.5 million and $22.5 million, respectively, in distributions, of which nil was recognized as dividend income in the Company's Unaudited Consolidated Statements of Operations. In addition, for the three and six months ended June 30, 2024, the Company recognized $1.2 million and $3.6 million, respectively, of the distributions as a return of capital.

As of June 30, 2025, Thompson Rivers had $146.6 million in Ginnie Mae early buyout loans and $12.9 million in cash. As of December 31, 2024, Thompson Rivers had $193.4 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of June 30, 2025, Thompson Rivers had 927 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 4.0%. As of December 31, 2024, Thompson Rivers had 1,243 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 4.0%.

As of June 30, 2025 and December 31, 2024, the Thompson Rivers investment portfolio consisted of the following investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Cost** | **Percentage of<br>Total<br>Portfolio** | **Fair Value** | **Percentage of<br>Total<br>Portfolio** |
| **June 30, 2025:** |  |  |  |  |
| Federal Housing Administration ("FHA") loans | $139967 | 90% | $131667 | 90% |
| Veterans Affairs ("VA") loans | 15923 | 10 | 14934 | 10 |
|  | $155890 | 100% | $146601 | 100% |
| **December 31, 2024:** |  |  |  |  |
| Federal Housing Administration ("FHA") loans | $193265 | 93% | $179963 | 93% |
| Veterans Affairs ("VA") loans | 14305 | 7 | 13388 | 7 |
|  | $207570 | 100% | $193351 | 100% |

---

Thompson Rivers' repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $35.3 million and $43.5 million outstanding as of June 30, 2025 and December 31, 2024, respectively. Thompson Rivers' repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $92.4 million and $90.3 million outstanding as of June 30, 2025 and December 31, 2024, respectively. Thompson Rivers' repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $28.7 million outstanding as of December 31, 2024. On June 1, 2025, Thompson River's repurchase agreement with Barclays Bank was terminated.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, 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 June 30, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:

---

| | | |
|:---|:---|:---|
| ($ in thousands) | **As of** <br>**June 30, 2025** | **As of**<br>**December 31, 2024** |
| Total contributed capital by Barings BDC, Inc. (1) | $79411 | $79411 |
| Total contributed capital by all members (2) | 482083 | 482083 |
| Total unfunded commitments by Barings BDC, Inc. |  |  |
| Total unfunded commitments by all members |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes $4.4 million of dividend re-investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes dividend re-investments of $32.1 million and total contributed capital by related parties of $162.1 million as of both June 30, 2025 and December 31, 2024.

***Waccamaw River LLC***

On January 4, 2021, Waccamaw River LLC ("Waccamaw River") was formed as a Delaware limited liability company. On February 8, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River's current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded as of June 30, 2025. As of June 30, 2025, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, all of which has been funded.

For the three and six months ended June 30, 2025, Waccamaw River declared $9.1 million and $19.4 million, respectively, in distributions, of which $0.2 million and $0.5 million, respectively, was recognized as dividend income in the Company's Unaudited Consolidated Statements of Operations. In addition, for the three and six months ended June 30, 2025, the Company recognized $1.6 million and $3.3 million, respectively, of the distributions as a return of capital. For both the three and six months ended June 30, 2024, Waccamaw River declared $14.9 million in distributions, of which $2.6 million was recognized as dividend income in the Company's Unaudited Consolidated Statements of Operations. In addition, for both the three and six months ended June 30, 2024, the Company recognized $0.3 million of the distributions as a return of capital.

As of June 30, 2025, Waccamaw River had $43.5 million in unsecured consumer loans and $3.0 million in cash. As of December 31, 2024, Waccamaw River had $45.5 million in unsecured consumer loans and $4.3 million in cash. As of June 30, 2025, Waccamaw River had 5,823 outstanding loans with an average loan size of $7,474, remaining average life to maturity of 33.4 months and weighted average yield of 12.4%. As of December 31, 2024, Waccamaw River had 8,095 outstanding loans with an average loan size of $7,791, remaining average life to maturity of 35.5 months and weighted average yield of 12.0%.

The Company has determined that Waccamaw River is an investment company under ASC Topic 946, 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.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

As of June 30, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:

---

| | | |
|:---|:---|:---|
| **($ in thousands)** | **As of** <br>**June 30, 2025** | **As of**<br> **December 31, 2024** |
| Total contributed capital by Barings BDC, Inc. | $30280 | $30280 |
| Total contributed capital by all members (1) | 139020 | 139020 |
| Total unfunded commitments by Barings BDC, Inc. |  |  |
| Total unfunded commitments by all members |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes $82.0 million of total contributed capital by related parties as of both June 30, 2025 and December 31, 2024.

***Sierra Senior Loan Strategy JV I LLC***

On February 25, 2022, as part of the Sierra Merger, the Company purchased its interest in Sierra Senior Loan Strategy JV I LLC ("Sierra JV"). The Company and MassMutual Ascend Life Insurance Company ("MMALIC"), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, are the members of Sierra JV, a joint venture formed as a Delaware limited liability company and commenced operations on July 15, 2015. Sierra JV's investment objective is to generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies with a focus on senior secured first lien term loans. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV's board of managers, which is comprised of four members, two of whom are selected by the Company and the other two are selected by MMALIC. Approval of Sierra JV's board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.

As of June 30, 2025, 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 fully funded as of June 30, 2025.

For the three and six months ended June 30, 2025, Sierra JV declared $2.0 million and $4.0 million, respectively, in distributions, of which $1.8 million and $3.5 million, respectively, was recognized as dividend income in the Company's Unaudited Consolidated Statements of Operations. For the three and six months ended June 30, 2024, Sierra JV declared $0.5 million and $1.0 million, respectively, in distributions, of which $0.4 million and $0.9 million, respectively, was recognized as dividend income in the Company's Unaudited Consolidated Statements of Operations.

The Company has determined that Sierra JV is an investment company under ASC Topic 946, 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 the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.

The total value of Sierra JV's investment portfolio was $18.1 million as of June 30, 2025, as compared to $33.4 million, as of December 31, 2024. As of June 30, 2025, Sierra JV's investments had an aggregate cost $20.7 million, as compared to $36.1 million as of December 31, 2024. As of June 30, 2025 and December 31, 2024, the weighted average yield on the principal amount of Sierra JV's outstanding debt investments was approximately 9.6% and 9.4%, respectively. As of June 30, 2025 and December 31, 2024, the Sierra JV investment portfolio consisted of the following investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Cost** | **Percentage of<br>Total<br>Portfolio** | **Fair Value** | **Percentage of<br>Total<br>Portfolio** |
| **June 30, 2025:** |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $20671 | 100% | $18094 | 100% |
|  | $20671 | 100% | $18094 | 100% |
| **December 31, 2024:** |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $36083 | 100% | $33389 | 100% |
| Equity shares |  |  | 33 |  |
|  | $36083 | 100% | $33422 | 100% |

---

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The industry composition of Sierra JV's investments at fair value at June 30, 2025 and December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| Automotive | $— | —% | $2746 | 8% |
| Banking, Finance, Insurance, & Real Estate |  |  | 33 |  |
| Beverage, Food, & Tobacco |  |  | 3578 | 11 |
| Chemicals, Plastics, & Rubber |  |  | 2954 | 9 |
| Consumer goods: Durable | 172 | 1 | 232 | 1 |
| Healthcare & Pharmaceuticals |  |  | 3821 | 11 |
| High Tech Industries | 9339 | 52 | 9363 | 28 |
| Services: Business | 3966 | 22 | 4411 | 13 |
| Transportation: Cargo | 4617 | 25 | 6284 | 19 |
| **Total** | $18094 | 100% | $33422 | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

***Eclipse Business Capital Holdings LLC***

On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC ("Eclipse") of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $22.7 million. As of June 30, 2025 and December 31, 2024, $9.8 million and $10.1 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 to $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*.* Under ASC Topic 810, *Consolidation*, Subtopic 10, *Consolidation — Overall*, Section 15, *Scope and Scope Exceptions*, paragraph 12, subparagraph d ("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 Topic 946-320, presented as a single investment measured at fair value.

***Rocade Holdings LLC***

On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC ("Rocade") of $45.0 million, alongside other related party affiliates and made additional investments thereafter during the fiscal year ended December 31, 2024 of $3.5 million. The total equity invested in Rocade as of June 30, 2025 was $71.0 million (excluding preferred dividends) and the Company had $14.0 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country's leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm's interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offers differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.

The Company has determined that Rocade is not an investment company under ASC Topic 946*.* Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Rocade in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

***Valuation of Investments***

The Adviser conducts the valuation of the Company's investments, upon which the Company's NAV is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, *Fair Value Measurements and Disclosures* ("ASC Topic 820"). The Company's current valuation policy and processes were established by the Adviser and were approved by the Board.

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company's portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

*Level 1 Inputs* – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

*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 approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company's Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

***Investment Valuation Process***

The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser's pricing committee.

At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors' pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).

The Company's money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company's syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company's middle-market, private debt and equity investments are generally valued using Level 3 inputs.

***Independent Valuation***

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the "discount rate") as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser's pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders' best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

***Valuation Inputs***

The Adviser's valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser's market assumptions. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

*Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP*

As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company's investments in these entities using the NAV of each company and the Company's ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

*Level 3 Unobservable Inputs*

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company's Level 3 debt and equity securities as of June 30, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025:**<br>**($ in thousands)** | **Fair Value** | | **Valuation<br>Model** | | **Level 3<br>Input** | | **Range of<br>Inputs** | | **Weighted <br>Average** | | **Impact to Valuation from an Increase in Input** |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | $1498836 |  | Yield Analysis |  | Market Yield |  | 5.3% – 27.0% |  | 10.5% |  | Decrease |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | 64628 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 10.5x |  | 5.9x |  | Increase |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | 228094 |  | Recent Transaction |  | Transaction Price |  | 96.0% – 100.0% |  | 98.3% |  | Increase |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | Subordinated debt and 2<sup>nd</sup> lien notes<sup>(2)</sup> | 88629 |  | Yield Analysis |  | Market Yield |  | 8.0% – 21.1% |  | 12.9% |  | Decrease |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | Subordinated debt and 2<sup>nd</sup> lien notes<sup>(2)</sup> | 49804 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.8x – 28.5x |  | 12.0x |  | Increase |
| 42547 | Subordinated debt and 2<sup>nd</sup> lien notes<sup>(2)</sup> |  | Recent Transaction |  | Transaction Price |  | 96.0% – 100.0% |  | 96.5% |  | Increase |  |
| Structured products<sup>(3)</sup> | Subordinated debt and 2<sup>nd</sup> lien notes<sup>(2)</sup> | 2207 |  | Yield Analysis |  | Market Yield |  | 9.3% – 10.3% |  | 9.8% |  | Decrease |
| Structured products<sup>(3)</sup> | Subordinated debt and 2<sup>nd</sup> lien notes<sup>(2)</sup> | 469 |  | Expected Recovery |  | Expected Recovery |  | $469.4 |  | $469.4 |  | Increase |
| Equity shares<sup>(4)</sup> | 42879 |  | Yield Analysis |  | Market Yield |  | 11.3% – 28.3% |  | 16.8% |  | Decrease |  |
| Equity shares<sup>(4)</sup> | 365080 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 28.5x |  | 16.8x |  | Increase |  |
| Equity shares<sup>(4)</sup> | 776 |  | Market Approach |  | Revenue Multiple |  | 5.5x – 9.0x |  | 5.9x |  | Increase |  |
| Equity shares<sup>(4)</sup> | 19807 |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 12.9% |  | 12.9% |  | Decrease |  |
| Equity shares<sup>(4)</sup> | 4808 |  | Net Asset Approach |  | Liabilities |  | $(115370.3) |  | $(115370.3) |  | Decrease |  |
| Equity shares<sup>(4)</sup> | 49 |  | Expected Recovery |  | Expected Recovery |  | $2.5 – $47.0 |  | $44.8 |  | Increase |  |
| Equity shares<sup>(4)</sup> | 3454 |  | Recent Transaction |  | Transaction Price |  | $0.00 – $135.00 |  | $5.02 |  | Increase |  |
| Equity warrants | 1084 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 11.4x |  | 11.4x |  | Increase |  |
| Equity warrants | 3 |  | Expected Recovery |  | Expected Recovery |  | $3.0 |  | $3.0 |  | Increase |  |
| Royalty rights | 1542 |  | Yield Analysis |  | Market Yield |  | 28.0% – 30.0% |  | 29.0% |  | Decrease |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Excludes investments with an aggregate fair value amounting to $3,694, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Excludes investments with an aggregate fair value amounting to $3,636, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

&nbsp;&nbsp;&nbsp;&nbsp;(3)Excludes investments with an aggregate fair value amounting to $16,578, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Excludes investments with an aggregate fair value amounting to $2,799, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

During the six months ended June 30, 2025, three senior debt and first lien note positions with an aggregate fair value of $25.8 million transitioned from a yield analysis to a market approach valuation model. In addition, one senior debt and first lien note position with a fair value of $0.1 million transitioned from a broker quote to a market approach valuation model. Lastly, one senior debt and first lien note position with a fair value of $4.1 million transitioned from a market approach to a yield analysis valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**December 31, 2024:**<br>**($ in thousands)** | **Fair Value** | | **Valuation<br>Model** | | **Level 3<br>Input** | | **Range of<br>Inputs** | | **Weighted <br>Average** | | **Impact to Valuation from an Increase in Input** |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | $1323618 |  | Yield Analysis |  | Market Yield |  | 6.5% – 75.8% |  | 10.5% |  | Decrease |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | 50535 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 11.0x |  | 6.3x |  | Increase |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | 247508 |  | Recent Transaction |  | Transaction Price |  | 95.0% – 100.0% |  | 98.7% |  | Increase |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | Subordinated debt and 2<sup>nd</sup> lien notes<sup>(2)</sup> | 94912 |  | Yield Analysis |  | Market Yield |  | 8.0% – 18.6% |  | 12.7% |  | Decrease |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | Subordinated debt and 2<sup>nd</sup> lien notes<sup>(2)</sup> | 47775 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.9x – 22.4x |  | 11.7x |  | Increase |
| 3791 | Subordinated debt and 2<sup>nd</sup> lien notes<sup>(2)</sup> |  | Expected Recovery |  | Expected Recovery |  | $3790.6 |  | $3790.6 |  | Increase |  |
| 702 | Subordinated debt and 2<sup>nd</sup> lien notes<sup>(2)</sup> |  | Recent Transaction |  | Transaction Price |  | 98.0% |  | 98.0% |  | Increase |  |
| Structured products<sup>(3)</sup> | 28904 |  | Yield Analysis |  | Market Yield |  | 7.6% – 10.3% |  | 8.2% |  | Decrease |  |
| Structured products<sup>(3)</sup> | 1733 |  | Expected Recovery |  | Expected Recovery |  | $1733.3 |  | $1733.3 |  | Increase |  |
| Structured products<sup>(3)</sup> | 5250 |  | Recent Transaction |  | Transaction Price |  | 100.0% |  | 100.0% |  | Increase |  |
| Equity shares<sup>(4)</sup> | 30302 |  | Yield Analysis |  | Market Yield |  | 10.8% – 30.5% |  | 15.7% |  | Decrease |  |
| Equity shares<sup>(4)</sup> | 339142 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 28.5x |  | 12.9x |  | Increase |  |
| Equity shares<sup>(4)</sup> | 1353 |  | Market Approach |  | Revenue Multiple |  | 5.5x – 8.8x |  | 6.0x |  | Increase |  |
| Equity shares<sup>(4)</sup> | 16852 |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 12.9% |  | 12.9% |  | Decrease |  |
| Equity shares<sup>(4)</sup> | 3875 |  | Net Asset Approach |  | Liabilities |  | $(96678.3) |  | $(96678.3) |  | Decrease |  |
| Equity shares<sup>(4)</sup> | 59 |  | Expected Recovery |  | Expected Recovery |  | $2.5 – $56.9 |  | $54.6 |  | Increase |  |
| Equity shares<sup>(4)</sup> | 10008 |  | Recent Transaction |  | Transaction Price |  | $1.00 – $1,847.58 |  | $1525.9 |  | Increase |  |
| Equity warrants | 2729 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 11.8x |  | 8.1x |  | Increase |  |
| Equity warrants | 3 |  | Expected Recovery |  | Expected Recovery |  | $3.0 |  | $3.0 |  | Increase |  |
| Royalty rights | 5833 |  | Yield Analysis |  | Market Yield |  | 18.6% – 26.4% |  | 21.0% |  | Decrease |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Excludes investments with an aggregate fair value amounting to $3,840, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Excludes investments with an aggregate fair value amounting to $6,523, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

&nbsp;&nbsp;&nbsp;&nbsp;(3)Excludes investments with an aggregate fair value amounting to $12,777, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Excludes investments with an aggregate fair value amounting to $6,884, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

During the year ended December 31, 2024, two equity positions with an aggregate fair value of $20.2 million transitioned from a market approach to a yield analysis valuation model and one equity position with a fair value of $56.9 thousand transitioned from a market approach to an expected recovery valuation model. In addition, seven senior debt and first lien note positions with an aggregate fair value of $31.5 million transitioned from a yield analysis to a market approach valuation model and one senior debt and first lien note position with a fair value of $0.6 million transitioned from a market approach to a yield analysis valuation model. Lastly, one subordinated debt and second lien note position with a fair value of $3.8 million transitioned from a yield analysis to an expected recovery valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The following tables present the Company's investment portfolio at fair value as of June 30, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of June 30, 2025** | **Fair Value as of June 30, 2025** | **Fair Value as of June 30, 2025** | **Fair Value as of June 30, 2025** |
| ($ in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior debt and 1<sup>st</sup> lien notes | $— | $55857 | $1795252 | $1851109 |
| Subordinated debt and 2<sup>nd</sup> lien notes |  | 7852 | 184616 | 192468 |
| Structured products |  | 26404 | 19254 | 45658 |
| Equity shares |  | 884 | 439652 | 440536 |
| Equity warrants |  |  | 1087 | 1087 |
| Royalty rights |  |  | 1542 | 1542 |
| Investments subject to leveling | $— | $90997 | $2441403 | $2532400 |
| Investment in joint ventures (1) |  |  |  | 91482 |
|  |  |  |  | $2623882 |
|  | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** |
| ($ in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior debt and 1<sup>st</sup> lien notes | $— | $60910 | $1625501 | $1686411 |
| Subordinated debt and 2<sup>nd</sup> lien notes |  | 11752 | 153703 | 165455 |
| Structured products |  | 30884 | 48664 | 79548 |
| Equity shares |  | 654 | 408475 | 409129 |
| Equity warrants |  |  | 2732 | 2732 |
| Royalty rights |  |  | 5833 | 5833 |
| Investments subject to leveling | $— | $104200 | $2244908 | $2349108 |
| Investment in joint ventures / PE fund (2) |  |  |  | 100164 |
|  |  |  |  | $2449272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)The Company's investments in Jocassee, Sierra JV, Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient 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 and Audited Consolidated Balance Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;(2)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 as a practical expedient 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 and Audited Consolidated Balance Sheets.

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The following tables reconcile the beginning and ending balances of the Company's investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2025 and 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six Months Ended**<br>**June 30, 2025:**<br>**($ in thousands)** | **Senior Debt**<br>**and 1**<sup>st</sup> **Lien**<br>**Notes** | **Subordinated Debt and 2**<sup>nd</sup> **Lien Notes** | **Structured Products** | **Equity<br>Shares** | **Equity Warrants** | **Royalty Rights** | **Total** |
| Fair value, beginning of period | $1625501 | $153703 | $48664 | $408475 | $2732 | $5833 | $2244908 |
| New investments | 331359 | 46395 | 7500 | 17158 |  |  | 402412 |
| Transfers into Level 3 (1) |  | 5989 |  |  |  |  | 5989 |
| Transfers out of<br>Level 3 (1) |  | (6523) | (3310) | (4085) |  |  | (13918) |
| Proceeds from sales of investments / return of capital | (61189) | (3) | (1933) | (4065) |  | (4753) | (71943) |
| Loan origination fees received | (6628) | (1615) |  |  |  |  | (8243) |
| Principal repayments received | (121005) | (16935) | (30903) |  |  |  | (168843) |
| Payment-in-kind interest / dividends | 4148 | 2267 |  | 7029 |  |  | 13444 |
| Accretion of loan premium / discount | 159 |  |  |  |  |  | 159 |
| Accretion of deferred loan origination revenue | 4626 | 444 | 143 |  |  |  | 5213 |
| Realized gain (loss) | (18792) | (9417) | (1595) | 2616 |  | 2467 | (24721) |
| Unrealized appreciation (depreciation) | 37073 | 10311 | 688 | 12524 | (1645) | (2005) | 56946 |
| Fair value, end of period | $1795252 | $184616 | $19254 | $439652 | $1087 | $1542 | $2441403 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six Months Ended**<br>**June 30, 2024:**<br>**($ in thousands)** | **Senior Debt**<br>**and 1**<sup>st</sup> **Lien**<br>**Notes** | **Subordinated Debt and 2**<sup>nd</sup> **Lien Notes** | **Structured Products** | **Equity<br>Shares** | **Equity Warrants** | **Royalty Rights** | **Total** |
| Fair value, beginning of period | $1593797 | $223798 | $42972 | $374572 | $2392 | $— | $2237531 |
| New investments | 176984 | 26325 | 48 | 5524 |  | 3871 | 212752 |
| Investment restructuring | (22249) |  |  |  |  |  | (22249) |
| Transfers into (out of) Level 3, net (1) | (1862) |  |  | (130) |  |  | (1992) |
| Proceeds from sales of investments / return of capital | (18512) | (4975) |  | (1040) |  |  | (24527) |
| Loan origination fees received | (3473) | (296) |  |  |  |  | (3769) |
| Principal repayments received | (191286) | (32222) | (357) |  |  |  | (223865) |
| Payment-in-kind interest / dividends | 2002 | 1708 |  | 5849 |  |  | 9559 |
| Accretion of loan premium / discount | 221 | 55 |  |  |  |  | 276 |
| Accretion of deferred loan origination revenue | 4969 | 487 |  |  |  |  | 5456 |
| Realized gain (loss) | (7040) | (5107) | (6) | (4179) |  |  | (16332) |
| Unrealized appreciation (depreciation) | (13604) | 3250 | 2843 | 1999 | 232 |  | (5280) |
| Fair value, end of period | $1519947 | $213023 | $45500 | $382595 | $2624 | $3871 | $2167560 |

---

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For both the six months ended June 30, 2025 and 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company's Unaudited Consolidated Statements of Operations. Pre-tax net unrealized appreciation on Level 3 investments of $34.0 million during the six months ended June 30, 2025 was related to portfolio company investments that were still held by the Company as of June 30, 2025. Pre-tax net unrealized depreciation on Level 3 investments of $20.7 million during the six months ended June 30, 2024 was related to portfolio company investments that were still held by the Company as of June 30, 2024.

During the six months ended June 30, 2025, the Company made investments of approximately $355.3 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the six months ended June 30, 2025, the Company made investments of $50.7 million in portfolio companies to which it was previously committed to provide such financing.

During the six months ended June 30, 2024, the Company made investments of approximately $164.8 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the six months ended June 30, 2024, the Company made investments of $56.1 million in portfolio companies to which it was previously committed to provide such financing.

***Unsettled Purchases and Sales of Investments***

Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company's syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin ("spread") beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.

***Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments***

Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.

***Investment Classification***

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, "Control Investments" are investments in those companies that the Company is deemed to "Control." "Affiliate Investments" are investments in those companies that are "Affiliated Persons" of the Company, as defined in the 1940 Act, other than Control Investments. "Non-Control / Non-Affiliate Investments" are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, "Affiliate Investments" that are not otherwise "Control Investments" are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

***Cash and Foreign Currencies***

Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral for certain derivative instruments. Cash is carried at cost, which approximates fair value. The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.

***Investment Income***

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

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 both June 30, 2025 and December 31, 2024, the Company had eight portfolio companies with investments that were on non-accrual. As of June 30, 2025, the eight portfolio companies on non-accrual included one portfolio company purchased as part of the Sierra Merger and seven portfolio companies originated by Barings. As of December 31, 2024, the eight portfolio companies on non-accrual included two portfolio companies purchased as part of the Sierra Merger, one purchased as part of the MVC Acquisition and five portfolio companies originated by Barings.

Interest income from investments in the equity class of a collateralized loan obligation ("CLO") security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC Topic 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.

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 Income***

The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

The Company has certain preferred equity securities in its portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.

PIK interest and dividend income for the three and six months ended June 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months<br>Ended** | **Six Months<br>Ended** |
| ($ in thousands) | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| PIK interest income | $4508 | $4198 | $8827 | $7323 |
| PIK interest income as a % of investment income | 6.1% | 5.6% | 6.4% | 5.1% |
| PIK dividend income | $3458 | $3031 | $6607 | $6008 |
| PIK dividend income as % of investment income | 4.6% | 4.0% | 4.8% | 4.2% |
| Total PIK income | $7966 | $7229 | $15434 | $13331 |
| Total PIK income as a % of investment income | 10.7% | 9.7% | 11.1% | 9.2% |

---

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. As of both June 30, 2025 and December 31, 2024, the Company had one portfolio company that was current on interest payments and on partial non-accrual status for PIK purposes only.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

***Fee and Other Income***

Origination, facility, commitment, consent and other advance fees received in connection with loan agreements ("Loan Origination Fees") are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and covenant waiver fees and amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection to revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.

Fee and other income for the three and six months ended June 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months**<br>**Ended** | **Six Months**<br>**Ended** |
| ($ in thousands) | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Recurring Fee and Other Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan origination fees | $1909 | $1763 | $3673 | $3449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management, valuation and other fees | 660 | 396 | 1226 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty income | 148 | 75 | 303 | 75 |
| Total Recurring Fee and Other Income | 2717 | 2234 | 5202 | 4364 |
| **Non-Recurring Fee and Other Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment fees | 55 | 271 | 196 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acceleration of unamortized loan origination fees | 656 | 1290 | 1540 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory, loan amendment and other fees | 1452 | (26) | 1516 | 582 |
| Total Non-Recurring Fee and Other Income | 2163 | 1535 | 3252 | 2878 |
| **Total Fee and Other Income** | $**4880** | $**3769** | $**8454** | $**7242** |

---

***General and Administrative Expenses***

General and administrative expenses include administrative costs, facilities costs, insurance, legal and accounting expenses, expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating as a publicly-traded company.

***Deferred Financing Fees***

Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.

***Segments***

The Company lends to and invests in portfolio companies in various industries. The Company operates as a single operating and reporting segment: lending and investment. The segment generates revenues through debt investments, and on a limited basis, may acquire equity investments in portfolio companies. The accounting policies of the lending and investment segment are the same as those described herein and in the Company's most recent Annual Report on Form 10-K. The Company has identified the Chief Executive Officer, its President, and Chief Financial Officer as the chief operating decision maker (the "CODM"), who evaluates the performance of the lending and investment segment. The CODM uses segment net investment income before taxes and net increase in net assets resulting from operations to determine the capital allocation of the Company, the dividend policy, and the Company's investment strategy, which is outlined in "Business–Investment Criteria" in Part I, Item 1 of the Company's most recent Annual Report on Form 10-K. As the Company operates as a single reportable segment, the segment assets are presented on the accompanying Unaudited and Audited Consolidated Balance Sheets as "total assets" and the net investment income before taxes, significant segment expenses, and net increase in net assets resulting from operations are presented on the accompanying Unaudited Consolidated Statements of Operations.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

***Concentration of Credit Risk***

As of June 30, 2025 and December 31, 2024, there were no individual investments representing greater than 10% of the fair value of the Company's portfolio. As of June 30, 2025 and December 31, 2024, the Company's largest single portfolio company investment represented approximately 5.9% and 6.2%, respectively, of the fair value of the Company's portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.

As of June 30, 2025, all of the Company's assets were or will be pledged as collateral for the February 2019 Credit Facility.

***Financial and Derivative Instruments***

Pursuant to ASC Topic 815, certain derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Unaudited Consolidated Statements of Operations as the hedged item. The Company's derivative instruments are used to hedge the Company's fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Unaudited Consolidated Statements of Operations. The fair value of the Company's interest rate swaps is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

***Investments Denominated in Foreign Currencies***

As of June 30, 2025, the Company held two investments that were denominated in Canadian dollars, two investments that were denominated in Danish kroner, 10 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, two investments that were denominated in Swiss francs, one investment that was denominated in Swedish kronor, 68 investments that were denominated in Euros, and 31 investments that were denominated in British pounds sterling. As of December 31, 2024, the Company held one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 11 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish kronor, 72 investments that were denominated in Euros, and 27 investments that were denominated in British pounds sterling.

At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.

Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rate fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company's Unaudited Consolidated Statements of Operations.

In addition, during both the six months ended June 30, 2025 and June 30, 2024, 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 forward currency contracts are included in "Net unrealized appreciation (depreciation) - forward currency contracts" and net realized gains or losses on forward currency contracts are included in "Net realized gains (losses) - forward currency contracts" 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.

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

**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, source-of-income and asset diversification requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.

Depending on the level of investment company taxable income ("ICTI") and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year (or later if the Company is permitted to elect and so elects) and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three and six months ended June 30, 2025, the Company recorded net expenses of $0.8 million and $1.2 million, respectively, for U.S. federal excise tax. For the three and six months ended June 30, 2024, the Company recorded net expenses of $0.4 million and $0.6 million, respectively, for U.S. federal excise tax.

Tax positions taken or expected to be taken in the course of preparing the Company's tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company's tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2021-2023), and has concluded that the provision for uncertain tax positions in the Company's financial statements is appropriate.

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.

For federal income tax purposes, the cost of investments owned as of June 30, 2025 and December 31, 2024 was approximately $2,644.2 million and $2,550.7 million, respectively. As of June 30, 2025, net unrealized depreciation on the Company's investments (tax basis) was approximately $17.7 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $128.9 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $146.6 million. As of December 31, 2024, net unrealized depreciation on the Company's investments (tax basis) was approximately $50.5 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $124.0 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $174.5 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 limited liability companies ("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 or

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

benefit as a result of its ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company's Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiaries (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiaries) is reflected net of applicable federal and state income taxes, if any, in the Company's Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in "Accounts payable and accrued liabilities" in the Company's Unaudited and Audited Consolidated Balance Sheets.

As of June 30, 2025, the Company had a net deferred tax asset of $3.3 million pertaining to operating losses and tax basis differences related to certain partnership interests. As of December 31, 2024, the Company had a net deferred tax asset of $11.0 million pertaining to operating losses and tax basis differences related to certain partnership interests. A valuation allowance is provided against net deferred tax assets when it is more likely than not that some portion or all of the net deferred tax asset will not be realized. As of June 30, 2025 and December 31, 2024, given the losses generated by the entity, the net deferred tax assets have been offset by a valuation allowance of $4.6 million and $11.2 million, respectively. The Company concluded that the remaining net deferred tax assets will more likely than not be realized, though this is not assured, and as such no valuation allowance has been provided on these assets.

**5. BORROWINGS**

The Company had the following borrowings outstanding as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Issuance Date<br>($ in thousands)** | **Maturity Date** | **Interest Rate as of June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
| <u>Credit Facility:</u> |  |  |  |  |
| February 21, 2019 | November 5, 2029 | 5.662% | $547313 | $438590 |
| Total Credit Facility |  |  | $547313 | $438590 |
| <u>Notes:</u> |  |  |  |  |
| September 24, 2020 - August 2025 Notes | August 4, 2025 | 4.660% | $25000 | $25000 |
| September 29, 2020 - August 2025 Notes | August 4, 2025 | 4.660% | 25000 | 25000 |
| November 5, 2020 - Series B Notes | November 4, 2025 | 4.250% | 62500 | 62500 |
| November 5, 2020 - Series C Notes | November 4, 2027 | 4.750% | 112500 | 112500 |
| February 25, 2021 Series D Notes | February 26, 2026 | 3.410% | 80000 | 80000 |
| February 25, 2021 Series E Notes | February 26, 2028 | 4.060% | 70000 | 70000 |
| November 23, 2021 - November 2026 Notes | November 23, 2026 | 3.300% | 350000 | 350000 |
| February 12, 2024 - February 2029 Notes (1) | February 15, 2029 | 7.000% | 303341 | 295604 |
| (Less: Deferred financing fees) |  |  | (7282) | (8773) |
| Total Notes |  |  | $1021059 | $1011831 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Inclusive of change in fair market value of effective hedge.

The Company's summary information of its borrowings were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ in thousands) | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Combined weighted average interest rate<sup>(1)</sup> | 5.251% | 5.706% | 5.229% | 5.666% |
| Combined weighted average debt outstanding | $1584139 | $1432853 | $1510052 | $1438770 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes unused commitment fees and amortization of financing costs. Inclusive of effective interest rate swaps and hedged items.

***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 totaled $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 allowed for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the "November 2021 Amendment"). Effective February 25, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the "February 2022 Amendment"). Effective on April 1, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $1,065.0 million from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed 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 "April 2022 Amendment"). 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. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026 (the "May 2023 Amendment"). Effective November 5, 2024 the Company amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from February 21, 2025 to November 5, 2028; (b) extend the stated maturity date from February 21, 2026 to November 5, 2029; (c) adjust the interest rate charged on the February 2019 Credit Facility from an applicable spread of either the term 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 to an applicable spread of 1.875% plus a credit spread adjustment of 0.10%; and (d) reduce the total commitments under the facility from $1,065.0 million to $825.0 million, of which $100.0 million has been reallocated from revolving commitments to term loan commitments (the "November 2024 Amendment").

Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 0.875% or (ii) the term SOFR plus an applicable spread of 1.875% plus a credit spread adjustment of 0.10%. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 1.875% or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.0875%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.

In addition, the Company pays a commitment fee of 0.375% per annum on undrawn amounts of the February 2019 Credit Facility. In connection with entering into the February 2019 Credit Facility, the Company incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility. In connection with all amendments to the February 2019 Credit Facility, the Company incurred financing fees of approximately $10.7 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, material misrepresentation of representations and warranties, breach of covenant, cross-default to other indebtedness, bankruptcy, change of control, and material adverse effect. The February 2019 Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. As of June 30, 2025, the Company was in compliance with all covenants under the February 2019 Credit Facility.

As of June 30, 2025, the Company had U.S. dollar borrowings of $342.5 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 6.286% (one month SOFR of 4.311%), borrowings denominated in British pounds sterling of £49.6 million ($67.9 million U.S. dollars) with an interest rate of 6.119% (one month SONIA of 4.211%) and borrowings denominated in Euros of €116.6 million ($136.9 million U.S. dollars) with an interest rate of 3.875% (one month EURIBOR of 2.000%). 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 December 31, 2024, the Company had U.S. dollar borrowings of $237.0 million outstanding under the February 2019 Credit Facility with an interest rate of 6.484% (one month SOFR of 4.509%), borrowings denominated in Swedish kronor of 9.8kr million ($0.9 million U.S. dollars) with an interest rate of 4.625% (one month STIBOR of 2.750%), borrowings denominated in British pounds sterling of £55.6 million ($69.6 million U.S. dollars) with an interest rate of 6.608% (one month

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

SONIA of 4.700%) and borrowings denominated in Euros of €126.6 million ($131.1 million U.S. dollars) with an interest rate of 4.938% (one month EURIBOR of 3.063%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

As of June 30, 2025 and December 31, 2024, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $547.3 million and $438.6 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 were issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 were 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 Company's subsidiaries, and are the Company's general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The Company's permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.

The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company's status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders' equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of June 30, 2025, the Company was in compliance with all covenants under the August 2020 NPA.

The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of June 30, 2025 and December 31, 2024, the fair value of the outstanding August 2025 Notes was $49.8 million and $49.5 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.

For more information, see "Note 9. Subsequent Events."

***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")

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

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 June 30, 2025, the Company was in compliance with all covenants under the November 2020 NPA.

The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of June 30, 2025 and December 31, 2024, the fair value of the outstanding Series B Notes was $62.1 million and $61.6 million, respectively. As of June 30, 2025 and December 31, 2024, the fair value of the outstanding Series C Notes was $109.9 million and $108.3 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

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

Notes are guaranteed by certain of the Company's subsidiaries, and are the Company's general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, information reporting, maintenance of the Company's status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors' net worth, measured as of each fiscal quarter end; (b) not permitting the Company's asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company's net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.

The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company's subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of June 30, 2025, 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 June 30, 2025 and December 31, 2024, the fair value of the outstanding Series D Notes was $78.4 million and $77.3 million, respectively. As of June 30, 2025 and December 31, 2024, the fair value of the outstanding Series E Notes was $66.7 million and $65.4 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

***November 2026 Notes***

On November 23, 2021, the Company and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association, the "Trustee") entered into an Indenture (the "Base Indenture") and a First Supplemental Indenture (the "First Supplemental Indenture" and, together with the Base Indenture, the "November 2026 Notes 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 November 2026 Notes 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 November 2026 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These covenants are subject to important limitations and exceptions that are described in the November 2026 Notes Indenture.

In addition, on the occurrence of a "change of control repurchase event," as defined in the November 2026 Notes 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.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, the Company entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, the Company filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the "Exchange Notes"). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.

As of June 30, 2025 and December 31, 2024, the fair value of the outstanding November 2026 Notes was $335.7 million and $329.3 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.

***February 2029 Notes***

On February 7, 2024, the Company entered into an underwriting agreement among the Company, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth Third Securities, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of the Company's 7.000% senior unsecured notes due February 15, 2029 (the "February 2029 Notes"). The February 2029 Notes offering closed on February 12, 2024 and the February 2029 Notes were issued under a Second Supplemental Indenture, dated February 12, 2024, between the Company and the Trustee, to the Base Indenture (the "Second Supplemental Indenture," and together with the Base Indenture, the "February 2029 Notes Indenture").

The February 2029 Notes will mature on February 15, 2029 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 February 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The February 2029 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 February 2029 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 February 2029 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the Company by the SEC), and to provide financial information to the holders of the February 2029 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 February 2029 Notes Indenture.

In addition, on the occurrence of a "change of control repurchase event," as defined in the February 2029 Notes Indenture, the Company may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by the Company in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by the Company.

As of June 30, 2025 and December 31, 2024, the fair value of the outstanding February 2029 Notes was $303.3 million and $295.6 million, respectively. The fair value determinations of the February 2029 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the February 2029 Notes, on February 12, 2024, the Company entered into a $300.0 million notional value interest rate swap. The Company receives a fixed rate interest at 7.00% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 3.14750%. The swap transaction matures on February 15, 2029. The interest expense related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company's

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

Unaudited Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the interest rate swap had a fair value of $3.3 million and $(4.4) million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company's Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the Company's interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

**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 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. On May 8, 2025, the Company entered into the Termination Agreement with Barings to terminate all rights and obligations under the MVC Credit Support Agreement. 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" and net realized gains or losses on the MVC Credit Support Agreement is included in "Net realized gains (losses) - credit support agreements" in the Company's Unaudited Consolidated Statements of Operations.

The following table presents the fair value and aggregate unrealized appreciation (depreciation) of the MVC Credit Support Agreement as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024**<br>**Description**<br>**($ in thousands)** | **Counterparty** | **Settlement Date** | **Notional Amount** | **Value** | **Unrealized Appreciation (Depreciation)** |
| MVC Credit Support Agreement | Barings LLC | 01/01/31 | $23000 | $19250 | $5650 |
| **Total MVC Credit Support Agreement** | **Total MVC Credit Support Agreement** |  |  |  | $5650 |

---

As of December 31, 2024, the fair value of the MVC Credit Support Agreement was $19.3 million and is included in "Credit support agreements" in the accompanying Audited Consolidated Balance Sheets. As of December 31, 2024, the fair value of the MVC Credit Support Agreement was determined based on an income approach, with the primary inputs being the discount rate and the expected time until an exit event for each portfolio company in the MVC Reference Portfolio, which are all Level 3 inputs.

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company's Level 3 MVC Credit Support Agreement as of December 31, 2024. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024:**<br>**($ in thousands)** | **Fair Value** | **Valuation<br>Model** | **Level 3<br>Input** | **Range of<br>Inputs** | **<br>Average** | **Impact to Valuation from an Increase in Input** |
| MVC Credit Support Agreement | $19250 | Income Approach | Discount Rate | 5.4% - 6.4% | 5.9% | Decrease |
| MVC Credit Support Agreement | $19250 | Income Approach | Time Until Exit<br>(years) | 1.5 - 4.5 | 3.0 | Decrease |

---

***Sierra Credit Support Agreement***

In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company's merger with Sierra, the Company and the Adviser entered into the Sierra Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See "Note 2. Agreements and Related Party Transactions" for additional information regarding the Sierra Credit Support Agreement. Net unrealized appreciation or depreciation on the Sierra Credit Support Agreement is included in "Net unrealized appreciation (depreciation) - credit support agreements" in the Company's Unaudited Consolidated Statements of Operations.

------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the Sierra Credit Support Agreement as of June 30, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of June 30, 2025**<br>**Description**<br>**($ in thousands)** | **Counterparty** | **Settlement Date** | **Notional Amount** | **Value** | **Unrealized Appreciation (Depreciation)** |
| Sierra Credit Support Agreement | Barings LLC | 04/01/32 | $100000 | $51200 | $6800 |
| **Total Sierra Credit Support Agreement** | **Total Sierra Credit Support Agreement** |  |  |  | $6800 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024**<br>**Description**<br>**($ in thousands)** | **Counterparty** | **Settlement Date** | **Notional Amount** | **Value** | **Unrealized Appreciation (Depreciation)** |
| Sierra Credit Support Agreement | Barings LLC | 04/01/32 | $100000 | $44200 | $(200) |
| **Total Sierra Credit Support Agreement** | **Total Sierra Credit Support Agreement** |  |  |  | $(200) |

---

As of June 30, 2025 and December 31, 2024, the fair value of the Sierra Credit Support Agreement was $51.2 million and $44.2 million, respectively, and is included in "Credit support agreements" in the accompanying Unaudited and Audited Consolidated Balance Sheets. The fair value of the Sierra Credit Support Agreement was determined based on a simulation analysis, with the primary inputs being the enterprise value, a measure of expected asset volatility, the expected time until an exit event for each portfolio company in the Sierra Reference Portfolio, the Discount Rate and the Recovery Rate, which are all Level 3 inputs.

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company's Level 3 Sierra Credit Support Agreement as of June 30, 2025 and December 31, 2024. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025:**<br>**($ in thousands)** | **Fair Value** | **Valuation<br>Model** | **Level 3<br>Input** | **Range of<br>Inputs** | **<br>Average** | **Impact to Valuation from an Increase in Input** |
| Sierra Credit Support Agreement | $51200 | Simulation Analysis | Enterprise Value | $7 - $361800 | $180904 | Decrease |
| Sierra Credit Support Agreement | $51200 | Simulation Analysis | Asset Volatility | 20.0% - 50.0% | 35.0% | Increase |
| Sierra Credit Support Agreement | $51200 | Simulation Analysis | Time Until Exit (years) | 0.0 - 6.1 | 3.1 | Decrease |
| Sierra Credit Support Agreement | $51200 | Simulation Analysis | Discount Rate | 6.0% | 6.0% | Decrease |
| Sierra Credit Support Agreement | $51200 | Simulation Analysis | Recovery Rate | 5.0% - 70.0% | 37.5% | Increase |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024:**<br>**($ in thousands)** | **Fair Value** | **Valuation<br>Model** | **Level 3<br>Input** | **Range of<br>Inputs** | **<br>Average** | **Impact to Valuation from an Increase in Input** |
| Sierra Credit Support Agreement | $44200 | Simulation Analysis | Enterprise Value | $15 - $393900 | $196958 | Decrease |
| Sierra Credit Support Agreement | $44200 | Simulation Analysis | Asset Volatility | 25.0% - 55.0% | 40.0% | Increase |
| Sierra Credit Support Agreement | $44200 | Simulation Analysis | Time Until Exit (years) | 0.0 - 6.6 | 3.3 | Decrease |
| Sierra Credit Support Agreement | $44200 | Simulation Analysis | Discount Rate | 6.3% | 6.3% | Decrease |
| Sierra Credit Support Agreement | $44200 | Simulation Analysis | Recovery Rate | 5.0% - 70.0% | 37.5% | Increase |

---

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

***Foreign Currency Forward Contracts***

The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company's investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.

The following tables present the Company's foreign currency forward contracts as of June 30, 2025 and December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of June 30, 2025**<br>**Description**<br>**($ in thousands)** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Maturity Date** | **Gross Amount of Recognized Assets (Liabilities)** | **Balance Sheet Location of Net Amounts** |
| Foreign currency forward contract (AUD) | A$2,000 | $1301 | 09/30/25 | $12 | Derivative assets |
| Foreign currency forward contract (AUD) | $36480 | A$55,830 | 09/30/25 | (176) | Derivative liabilities |
| Foreign currency forward contract (CAD) | $42 | C$58 | 09/29/25 |  | Derivative liabilities |
| Foreign currency forward contract (CAD) | $1718 | C$2,339 | 09/29/25 | (4) | Derivative liabilities |
| Foreign currency forward contract (DKK) | $493 | 3,192kr. | 09/30/25 | (13) | Derivative liabilities |
| Foreign currency forward contract (EUR) | $163760 | €142,348 | 09/30/25 | (4328) | Derivative liabilities |
| Foreign currency forward contract (NZD) | $9120 | NZ$15,040 | 09/30/25 | (37) | Derivative liabilities |
| Foreign currency forward contract (NOK) | $4747 | 47,927kr | 09/30/25 | 8 | Derivative assets |
| Foreign currency forward contract (GBP) | $80160 | £59,288 | 09/30/25 | (1133) | Derivative liabilities |
| Foreign currency forward contract (SEK) | $1876 | 17,887kr | 09/30/25 | (12) | Derivative liabilities |
| Foreign currency forward contract (CHF) | $5322 | 4,315Fr. | 09/30/25 | (160) | Derivative liabilities |
| **Total** | **Total** |  |  | $(5843) |  |

---

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024**<br>**Description**<br>**($ in thousands)** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Maturity Date** | **Gross Amount of Recognized Assets (Liabilities)** | **Balance Sheet Location of Net Amounts** |
| Foreign currency forward contract (AUD) | A$7,000 | $4519 | 01/08/25 | $(185) | Derivative liabilities |
| Foreign currency forward contract (AUD) | A$64,484 | $41090 | 01/08/25 | (1164) | Derivative liabilities |
| Foreign currency forward contract (AUD) | A$8,000 | $5010 | 04/07/25 | (56) | Derivative liabilities |
| Foreign currency forward contract (AUD) | $954 | A$1,478 | 01/08/25 | 39 | Derivative assets |
| Foreign currency forward contract (AUD) | $965 | A$1,411 | 01/08/25 | 92 | Derivative assets |
| Foreign currency forward contract (AUD) | $46948 | A$68,596 | 01/08/25 | 4477 | Derivative assets |
| Foreign currency forward contract (AUD) | $41247 | A$64,724 | 04/07/25 | 1167 | Derivative assets |
| Foreign currency forward contract (CAD) | C$8,709 | $6161 | 01/08/25 | (105) | Derivative liabilities |
| Foreign currency forward contract (CAD) | C$7,000 | $4896 | 04/07/25 | (11) | Derivative liabilities |
| Foreign currency forward contract (CAD) | $6461 | C$8,709 | 01/08/25 | 404 | Derivative assets |
| Foreign currency forward contract (CAD) | $72 | C$103 | 04/07/25 |  | Derivative liabilities |
| Foreign currency forward contract (CAD) | $6326 | C$8,913 | 04/07/25 | 107 | Derivative assets |
| Foreign currency forward contract (DKK) | 2,570kr. | $362 | 01/08/25 | (5) | Derivative liabilities |
| Foreign currency forward contract (DKK) | $385 | 2,570kr. | 01/08/25 | 28 | Derivative assets |
| Foreign currency forward contract (DKK) | $370 | 2,615kr. | 04/07/25 | 5 | Derivative assets |
| Foreign currency forward contract (EUR) | €4,658 | $4921 | 01/08/25 | (96) | Derivative liabilities |
| Foreign currency forward contract (EUR) | €95,436 | $100299 | 01/08/25 | (1455) | Derivative liabilities |
| Foreign currency forward contract (EUR) | $111003 | €99,494 | 01/08/25 | 7955 | Derivative assets |
| Foreign currency forward contract (EUR) | $671 | €600 | 01/08/25 | 50 | Derivative assets |
| Foreign currency forward contract (EUR) | $100856 | €95,570 | 04/07/25 | 1467 | Derivative assets |
| Foreign currency forward contract (NZD) | NZ$15,538 | $9003 | 01/08/25 | (297) | Derivative liabilities |
| Foreign currency forward contract (NZD) | $198 | NZ$312 | 01/08/25 | 23 | Derivative assets |
| Foreign currency forward contract (NZD) | $9538 | NZ$15,226 | 01/08/25 | 1007 | Derivative assets |
| Foreign currency forward contract (NZD) | $9187 | NZ$15,840 | 04/07/25 | 302 | Derivative assets |
| Foreign currency forward contract (NOK) | 45,770kr | $4104 | 01/08/25 | (75) | Derivative liabilities |
| Foreign currency forward contract (NOK) | $83 | 921kr | 01/08/25 | 2 | Derivative assets |
| Foreign currency forward contract (NOK) | $4273 | 44,849kr | 01/08/25 | 325 | Derivative assets |
| Foreign currency forward contract (NOK) | $4132 | 46,087kr | 04/07/25 | 75 | Derivative assets |
| Foreign currency forward contract (GBP) | £5,800 | $7272 | 01/08/25 | (8) | Derivative liabilities |
| Foreign currency forward contract (GBP) | £59,563 | $75949 | 01/08/25 | (1356) | Derivative liabilities |
| Foreign currency forward contract (GBP) | $1789 | £1,382 | 01/08/25 | 59 | Derivative assets |
| Foreign currency forward contract (GBP) | $85174 | £63,981 | 01/08/25 | 5047 | Derivative assets |
| Foreign currency forward contract (GBP) | $75962 | £59,607 | 04/07/25 | 1363 | Derivative assets |
| Foreign currency forward contract (SEK) | 16,492kr. | $1505 | 01/08/25 | (12) | Derivative liabilities |
| Foreign currency forward contract (SEK) | $34 | 339kr | 01/08/25 | 3 | Derivative assets |
| Foreign currency forward contract (SEK) | $1593 | 16,153kr | 01/08/25 | 130 | Derivative assets |
| Foreign currency forward contract (SEK) | $1541 | 16,805kr | 04/07/25 | 12 | Derivative assets |
| Foreign currency forward contract (CHF) | 5,622Fr. | $6378 | 01/08/25 | (173) | Derivative liabilities |
| Foreign currency forward contract (CHF) | $6706 | 5,622Fr. | 01/08/25 | 502 | Derivative assets |
| Foreign currency forward contract (CHF) | $6511 | 5,685Fr. | 04/07/25 | 175 | Derivative assets |
| **Total** | **Total** |  |  | $19818 |  |

---

As of June 30, 2025 and December 31, 2024, the total fair value of the Company's foreign currency forward contracts was $(5.8) million and $19.8 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.

------

**Barings BDC, Inc.**

**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 June 30, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of June 30, 2025 and December 31, 2024 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| Accelevation LLC | Delayed Draw Term Loan | $1031 | $— |
| Accelevation LLC | Revolver | 609 |  |
| Accurus Aerospace Corporation(2) | Revolver | 980 | 461 |
| AD Bidco, Inc. | Delayed Draw Term Loan | 391 | 3522 |
| AD Bidco, Inc. | Revolver | 1303 | 1303 |
| Adhefin International(3) | Delayed Draw Term Loan | 446 | 393 |
| AirX Climate Solutions, Inc.(2) | Delayed Draw Term Loan | 2443 | 2443 |
| AirX Climate Solutions, Inc.(2) | Revolver | 814 | 814 |
| Aldinger Company | Term Loan | 3609 |  |
| AlliA Insurance Brokers NV(3) | Delayed Draw Term Loan | 48 | 259 |
| Americo Chemical Products, LLC | Revolver | 471 | 471 |
| Application Boot Camp LLC(2) | Revolver | 528 |  |
| Aquavista Watersides 2 LTD(4) | Capex / Acquisition Facility |  | 2182 |
| Arc Education(3) | Delayed Draw Term Loan | 1130 | 997 |
| Argus Bidco Limited(2)(4) | Capex / Acquisition Facility | 391 | 358 |
| Artemis Bidco Limited(3) | Delayed Draw Term Loan | 580 | 663 |
| ASC Communications, LLC | Revolver | 1089 | 1089 |
| Astra Bidco Limited(4) | Delayed Draw Term Loan |  | 185 |
| ATL II MRO Holdings Inc. | Revolver | 3289 | 3289 |
| Avance Clinical Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | 1252 | 1183 |
| Azalea Buyer, Inc. | Delayed Draw Term Loan |  | 644 |
| Azalea Buyer, Inc. | Revolver | 481 | 481 |
| Basin Innovation Group, LLC | Delayed Draw Term Loan | 2151 | 2151 |
| Basin Innovation Group, LLC | Revolver | 1858 | 1858 |
| Beyond Risk Management, Inc. | Delayed Draw Term Loan | 4629 | 4629 |
| Biolam Group(2)(3) | Delayed Draw Term Loan | 709 | 625 |
| BKF Buyer, Inc. | Revolver | 2970 | 2970 |
| Brightpay Limited(3) | Delayed Draw Term Loan |  | 131 |
| BrightSign LLC(2) | Revolver | 509 | 244 |
| Broadstone Group UK LTD(4) | Delayed Draw Term Loan | 2093 |  |
| CAi Software, LLC | Revolver | 1261 | 1261 |
| Caldwell & Gregory LLC | Delayed Draw Term Loan | 1541 | 3312 |
| Caldwell & Gregory LLC | Revolver | 2500 | 2500 |
| Canadian Orthodontic Partners Corp.(2)(6) | Delayed Draw Term Loan | 53 | 63 |
| Cascade Residential Services LLC(2) | Delayed Draw Term Loan | 99 | 629 |
| Cascade Residential Services LLC(2) | Revolver | 17 |  |
| CCFF Buyer, LLC | Delayed Draw Term Loan | 1396 | 1396 |
| CCFF Buyer, LLC | Revolver | 1047 | 1047 |
| Ceres Pharma NV(3) | Delayed Draw Term Loan | 669 |  |
| CGI Parent, LLC | Revolver | 1653 | 1653 |
| CH Buyer, LLC(2) | Revolver | 55 |  |

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------

**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| Comply365, LLC(2) | Revolver | 1101 | 1101 |
| Coyo Uprising GmbH(3) | Delayed Draw Term Loan | 461 | 407 |
| CSL DualCom(4) | Capex / Acquisition Facility |  | 148 |
| CW Group Holdings, LLC(2) | Delayed Draw Term Loan | 7446 |  |
| DataServ Integrations, LLC | Revolver |  | 481 |
| DAWGS Intermediate Holdings Co. | Revolver | 1888 |  |
| DecksDirect, LLC(2) | Revolver | 360 | 34 |
| DISA Holdings Corp. | Revolver | 343 | 429 |
| Discovery Buyer, L.P. | Delayed Draw Term Loan | 7216 |  |
| Discovery Buyer, L.P. | Revolver | 1793 |  |
| Dune Group(3) | Delayed Draw Term Loan |  | 411 |
| EB Development(3) | Capex / Acquisition Facility | 242 |  |
| EB Development(3) | Delayed Draw Term Loan | 627 | 553 |
| Eclipse Business Capital, LLC | Revolver | 12909 | 12636 |
| Electrical Components International, Inc.(2) | Delayed Draw Term Loan | 585 | 585 |
| EMI Porta Holdco LLC(2) | Revolver | 2847 | 2254 |
| eShipping, LLC | Revolver | 1486 | 1486 |
| Events Software BidCo Pty Ltd(2) | Delayed Draw Term Loan | 619 | 619 |
| Expert Institute Group Inc. | Delayed Draw Term Loan | 2605 |  |
| Expert Institute Group Inc. | Revolver | 1401 |  |
| Express Wash Acquisition Company, LLC(2) | Revolver | 193 | 115 |
| EZ SMBO Bidco(3) | Delayed Draw Term Loan | 1375 |  |
| Faraday(3) | Delayed Draw Term Loan |  | 928 |
| Footco 40 Limited(4) | Delayed Draw Term Loan | 563 | 515 |
| Forest Buyer, LLC | Revolver | 298 | 298 |
| Fortis Payment Systems, LLC | Delayed Draw Term Loan |  | 361 |
| Fortis Payment Systems, LLC | Revolver |  | 625 |
| GB Eagle Buyer, Inc. | Delayed Draw Term Loan | 2312 | 2312 |
| GB Eagle Buyer, Inc. | Revolver | 1447 | 2316 |
| GCDL LLC | Delayed Draw Term Loan | 108 | 108 |
| GCDL LLC | Revolver | 108 | 108 |
| Global Academic Group Limited(2)(7) | Term Loan | 14 | 233 |
| GPNZ II GmbH(2)(3) | Delayed Draw Term Loan | 65 | 49 |
| Graphpad Software, LLC | Delayed Draw Term Loan | 2093 | 2093 |
| Graphpad Software, LLC | Revolver | 872 | 872 |
| Greenhill II BV(3) | Capex / Acquisition Facility |  | 28 |
| Groupe Product Life(2)(3) | Delayed Draw Term Loan | 6680 | 145 |
| Haystack Holdings LLC | Delayed Draw Term Loan | 4086 |  |
| Haystack Holdings LLC | Revolver | 1416 |  |
| HeartHealth Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | 174 | 164 |
| Heavy Construction Systems Specialists, LLC | Revolver | 2632 | 2632 |
| HEKA Invest(3) | Delayed Draw Term Loan | 611 | 539 |
| HemaSource, Inc. | Revolver | 1804 | 1804 |
| HomeX Services Group LLC | Delayed Draw Term Loan | 426 | 650 |
| HomeX Services Group LLC | Revolver | 338 | 338 |
| HS Advisory Buyer LLC | Delayed Draw Term Loan | 4868 |  |
| HS Advisory Buyer LLC | Revolver | 600 |  |

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| HSL Compliance(4) | Delayed Draw Term Loan | 2579 |  |
| HTI Technology & Industries(2) | Delayed Draw Term Loan | 2045 | 2045 |
| HTI Technology & Industries(2) | Revolver | 1364 | 1364 |
| Hydratech Holdings, Inc. | Delayed Draw Term Loan | 162 | 1725 |
| Hydratech Holdings, Inc. | Revolver | 763 | 924 |
| Ice House America, L.L.C.(2) | Delayed Draw Term Loan | 816 | 816 |
| Ice House America, L.L.C.(2) | Revolver | 63 | 257 |
| Interstellar Group B.V.(3) | Delayed Draw Term Loan | 628 | 582 |
| InvoCare Limited(5) | Delayed Draw Term Loan | 291 | 275 |
| ISTO Technologies II, LLC | Revolver | 714 | 714 |
| ITI Intermodal, Inc. | Revolver | 1031 | 1031 |
| Jocassee Partners LLC | Joint Venture | 65000 | 65000 |
| Jon Bidco Limited(2)(7) | Capex / Acquisition Facility | 788 | 728 |
| Jones Fish Hatcheries & Distributors LLC | Revolver | 418 | 418 |
| Keystone Bidco B.V.(3) | Delayed Draw Term Loan | 67 | 185 |
| Keystone Bidco B.V.(3) | Revolver | 42 | 28 |
| Kline Hill Partners LP(2) | Delayed Draw Term Loan | 2245 |  |
| Kline Hill Partners LP(2) | Revolver | 898 |  |
| Lambir Bidco Limited(2)(3) | Delayed Draw Term Loan | 102 | 402 |
| Lattice Group Holdings Bidco Limited | Delayed Draw Term Loan | 72 | 237 |
| Lattice Group Holdings Bidco Limited | Revolver |  | 35 |
| LeadsOnline, LLC | Revolver | 2603 | 2603 |
| Lockmasters Security Intermediate, Inc. (2) | Delayed Draw Term Loan | 2024 |  |
| Lockmasters Security Intermediate, Inc. (2) | Revolver | 782 |  |
| Marmoutier Holding B.V.(2)(3) | Delayed Draw Term Loan |  | 23 |
| Marmoutier Holding B.V.(2)(3) | Revolver |  | 65 |
| Marmoutier Holding B.V.(2)(3) | Term Loan | 66 |  |
| MB Purchaser, LLC | Delayed Draw Term Loan | 99 | 773 |
| MB Purchaser, LLC | Revolver | 309 | 309 |
| MC Group Ventures Corporation(2) | Delayed Draw Term Loan | 5098 | 5098 |
| Media Recovery, Inc. (SpotSee) | Revolver | 391 | 635 |
| Media Recovery, Inc. (SpotSee)(4) | Revolver | 812 | 742 |
| Megawatt Acquisitionco, Inc.(2) | Revolver | 492 | 475 |
| Mercell Holding AS(2)(8) | Capex / Acquisition Facility | 776 | 691 |
| Modern Star Holdings Bidco Pty Limited(2)(5) | Term Loan | 936 | 884 |
| Momentum Textiles, LLC | Revolver | 923 |  |
| Moonlight Bidco Limited(4) | Delayed Draw Term Loan | 604 | 552 |
| MSI Express Inc. | Delayed Draw Term Loan | 1429 |  |
| MSI Express Inc. | Revolver | 1885 |  |
| Narda Acquisitionco., Inc. | Revolver |  | 1311 |
| NAW Buyer LLC | Delayed Draw Term Loan | 5729 | 5729 |
| NAW Buyer LLC | Revolver | 1894 | 1894 |
| Next Holdco, LLC | Delayed Draw Term Loan | 1891 | 1891 |
| Next Holdco, LLC | Revolver | 733 | 733 |
| NF Holdco, LLC(2) | Revolver | 630 | 829 |
| Northstar Recycling, LLC | Delayed Draw Term Loan | 4295 | 4295 |
| Northstar Recycling, LLC | Revolver | 3527 | 3527 |

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| NPM Investments 28 B.V.(3) | Delayed Draw Term Loan | 509 | 449 |
| OA Buyer, Inc. | Revolver |  | 1331 |
| OAC Holdings I Corp | Revolver | 646 | 1370 |
| OSP Hamilton Purchaser, LLC | Delayed Draw Term Loan | 2857 | 4276 |
| OSP Hamilton Purchaser, LLC | Revolver | 444 | 666 |
| Owl Intermediate Holdings, LLC(2) | Delayed Draw Term Loan | 715 |  |
| Owl Intermediate Holdings, LLC(2) | Revolver | 1839 |  |
| Parkview Dental Holdings LLC(2) | Delayed Draw Term Loan |  | 328 |
| PDQ.Com Corporation(2) | Delayed Draw Term Loan | 4994 | 5226 |
| Polara Enterprises, L.L.C. | Revolver | 720 | 545 |
| PowerGEM Buyer, Inc.(2) | Delayed Draw Term Loan | 2735 | 4946 |
| PowerGEM Buyer, Inc.(2) | Revolver | 2579 | 2579 |
| Premium Invest(3) | Capex / Acquisition Facility | 1819 | 1605 |
| Process Insights Acquisition, Inc.(2) | Delayed Draw Term Loan | 468 | 935 |
| Process Insights Acquisition, Inc.(2) | Revolver | 437 | 104 |
| ProfitOptics, LLC(2) | Revolver | 306 | 242 |
| Pro-Vision Solutions Holdings, LLC | Revolver | 1828 | 2077 |
| PSP Intermediate 4, LLC(2)(3) | Delayed Draw Term Loan |  | 193 |
| Qualified Industries, LLC | Revolver | 242 | 242 |
| R1 Holdings, LLC | Revolver | 219 | 1601 |
| Randys Holdings, Inc. | Delayed Draw Term Loan | 1307 | 2399 |
| Randys Holdings, Inc. | Revolver | 719 | 1231 |
| Rapid Buyer LLC(2) | Delayed Draw Term Loan | 2956 | 2956 |
| Rapid Buyer LLC(2) | Revolver | 1478 | 1478 |
| Real Chemistry Intermediate III, Inc.(2) | Delayed Draw Term Loan | 3887 |  |
| Real Chemistry Intermediate III, Inc.(2) | Revolver | 2366 |  |
| RKD Group, LLC(2) | Delayed Draw Term Loan | 1645 |  |
| RKD Group, LLC(2) | Revolver | 1135 |  |
| Rocade Holdings LLC(2) | Preferred Equity | 14000 | 14000 |
| Rock Labor LLC(2) | Revolver | 1103 | 1103 |
| ROI Solutions LLC | Delayed Draw Term Loan | 3506 | 3506 |
| ROI Solutions LLC | Revolver | 3138 | 3138 |
| Royal Buyer, LLC | Revolver | 1631 | 1748 |
| RPX Corporation | Revolver | 3024 | 3024 |
| Ruffalo Noel Levitz, LLC(2) | Revolver | 288 |  |
| Saab Purchaser, Inc. | Delayed Draw Term Loan | 4787 | 4787 |
| Saab Purchaser, Inc. | Revolver | 1862 | 2394 |
| Sanoptis S.A.R.L.(3) | Term Loan | 2785 | 2456 |
| Sansidor BV(3) | Capex / Acquisition Facility | 121 | 396 |
| SBP Holdings LP | Delayed Draw Term Loan | 7905 | 7905 |
| SBP Holdings LP | Revolver | 3250 | 3250 |
| Scout Bidco B.V.(2)(3) | Revolver | 680 | 999 |
| SCP Medical Products, LLC. | Revolver | 426 |  |
| Screenvision, LLC(2) | Revolver | 613 |  |
| Security Holdings B.V.(2)(3) | Revolver | 822 | 1916 |
| Sinari Invest(3) | Delayed Draw Term Loan | 509 | 449 |
| SISU ACQUISITIONCO., INC.(2) | Delayed Draw Term Loan |  | 503 |

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| Skyvault Holdings LLC(2) | Delayed Draw Term Loan | 6611 | 15164 |
| Smartling, Inc. | Revolver | 1176 | 1176 |
| SmartShift Group, Inc. | Revolver | 1651 | 1651 |
| Solo Buyer, L.P.(2) | Revolver | 1197 | 1463 |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Delayed Draw Term Loan |  | 232 |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver | 156 | 156 |
| SPATCO Energy Solutions, LLC(2) | Delayed Draw Term Loan | 1359 | 1453 |
| SPATCO Energy Solutions, LLC(2) | Revolver | 1188 | 1188 |
| Spatial Business Systems LLC | Revolver | 1406 | 1406 |
| SSCP Pegasus Midco Limited(4) | Delayed Draw Term Loan | 541 | 2226 |
| Superjet Buyer, LLC(2) | Delayed Draw Term Loan | 3792 | 4085 |
| Superjet Buyer, LLC(2) | Revolver | 2432 | 2432 |
| SVI International LLC | Delayed Draw Term Loan | 17 | 74 |
| SVI International LLC | Revolver | 35 | 74 |
| Swoop Intermediate III, Inc.(2) | Delayed Draw Term Loan | 5455 |  |
| Swoop Intermediate III, Inc.(2) | Revolver | 1818 |  |
| Tank Holding Corp(2) | Delayed Draw Term Loan |  | 139 |
| Tank Holding Corp(2) | Revolver | 873 | 873 |
| Tanqueray Bidco Limited(4) | Capex / Acquisition Facility | 1239 | 1133 |
| TAPCO Buyer LLC | Delayed Draw Term Loan | 8016 | 8016 |
| TAPCO Buyer LLC | Revolver | 2915 | 2915 |
| Technology Service Stream BidCo Pty Ltd(2)(5) | Delayed Draw Term Loan | 166 | 233 |
| Techone B.V.(3) | Revolver | 558 | 492 |
| Tencarva Machinery Company, LLC(2) | Delayed Draw Term Loan | 8486 |  |
| Tencarva Machinery Company, LLC(2) | Revolver | 2103 | 1470 |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2) | Delayed Draw Term Loan | 8811 |  |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2) | Revolver | 2261 | 827 |
| THG Acquisition, LLC | Delayed Draw Term Loan | 2226 | 2299 |
| THG Acquisition, LLC | Revolver | 1401 | 1401 |
| Trintech, Inc. | Revolver | 383 | 383 |
| TSYL Corporate Buyer, Inc. | Delayed Draw Term Loan | 10359 | 11751 |
| TSYL Corporate Buyer, Inc. | Revolver | 443 | 443 |
| UBC Ledgers Holding AB(9) | Delayed Draw Term Loan | 113 | 234 |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 8665 | 13247 |
| UHY Advisors, Inc. | Revolver | 3506 | 3507 |
| Union Bidco Limited(4) | Capex / Acquisition Facility | 6 | 66 |
| United Therapy Holding III GmbH(2)(3) | Capex / Acquisition Facility | 726 | 641 |
| Unither (Uniholding)(3) | Delayed Draw Term Loan | 509 | 449 |
| Unosquare, LLC | Delayed Draw Term Loan | 2806 |  |
| Unosquare, LLC | Revolver | 1361 |  |
| WEST-NR ACQUISITIONCO, LLC | Delayed Draw Term Loan | 13978 | 14420 |
| Whitcraft Holdings, Inc.(2) | Delayed Draw Term Loan | 1708 | 2912 |
| Whitcraft Holdings, Inc.(2) | Revolver | 1534 | 893 |
| White Bidco Limited | Delayed Draw Term Loan | 514 | 515 |
| Woodland Foods, LLC(2) | Delayed Draw Term Loan | 1559 |  |
| Woodland Foods, LLC(2) | Line of Credit | 2246 | 1177 |
| World 50, Inc. | Revolver | 973 | 973 |

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| WWEC Holdings III Corp | Revolver | 2484 | 2484 |
| ZB Holdco LLC(2) | Delayed Draw Term Loan | 3171 |  |
| ZB Holdco LLC(2) | Revolver | 1091 | 338 |
| Total unused commitments to extend financing |  | $456447 | $388772 |

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(1)The Adviser's estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company's current investments in the portfolio company are carried at less than cost.

(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both June 30, 2025 and December 31, 2024, the Company had guaranteed €9.9 million ($11.6 million U.S. dollars and $10.3 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh ("MVC Auto") that mature in December 2025. The Company would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on the Company's Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

Neither the Company, the Adviser, nor the Company's subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company's subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company's financial condition or results of operations in any future reporting period.

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**Barings BDC, Inc.**

**Notes to Unaudited Consolidated Financial Statements — (Continued)**

 **8. FINANCIAL HIGHLIGHTS**

The following is a schedule of financial highlights for the six months ended June 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| ($ in thousands, except share and per share amounts) | **June 30, 2025** | **June 30, 2024** |
| Per share data: |  |  |
| Net asset value at beginning of period | $11.29 | $11.28 |
| Net investment income (1) | 0.53 | 0.67 |
| Net realized gain (loss) on investments / CSAs / foreign currency transactions / forward currency contracts (1) | (0.14) | (0.12) |
| Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions / forward currency contracts (1) | 0.12 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) from investment operations (1) | 0.51 | 0.60 |
| Dividends / distributions paid to stockholders from net investment income | (0.62) | (0.52) |
| Net asset value at end of period | $**11.18** | $**11.36** |
| Market value at end of period (2) | $9.14 | $9.73 |
| Shares outstanding at end of period | 105158938 | 105757992 |
| Net assets at end of period | $1175844 | $1201876 |
| Average net assets | $1199210 | $1216343 |
| Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized) (3) | 13.78% | 12.04% |
| Ratio of net investment income to average net assets (annualized) | 9.37% | 11.76% |
| Portfolio turnover ratio (annualized) | 10.96% | 8.64% |
| Total return (4) | 2.00% | 19.72% |

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(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)Represents the closing price of the Company's common stock on the last day of the period.

(3)Does not include expenses of underlying investment companies, including joint ventures.

(4)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. SUBSEQUENT EVENTS**

On August 4, 2025, the August 2025 Notes matured in accordance with the terms of the August 2020 NPA and the Company repaid in full the par amount plus accrued and unpaid interest.

On August 7, 2025, the Board declared a quarterly distribution of $0.26 per share payable on September 10, 2025 to holders of record as of September 3, 2025.

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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 six months ended June 30, 2025, 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, 2024. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.

**Forward-Looking Statements**

Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as "expect," "anticipate," "target," "goals," "project," "intend," "plan," "believe," "seek," "estimate," "continue," "forecast," "may," "should," "potential," variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A titled "Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2024 and in Item 1A titled "Risk Factors" in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission (the "SEC") from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, disruptions related to tariffs and other trade or sanction issues, and volatility in the financial services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises on our or our portfolio companies' business and the U.S. and global economies; our, or our portfolio companies', future business, operations, operating results or prospects; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies' operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

**Overview of Our Business**

We are a Maryland corporation incorporated on October 10, 2006. In August 2018, in connection with the closing of an externalization transaction through which Barings LLC ("Barings" or the "Adviser") agreed to become our external investment adviser, we entered into an investment advisory agreement 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 our acquisition of Sierra Income Corporation on February 25, 2022 (the "Sierra Merger"), we entered into a second amended and restated investment advisory agreement (the "Second Amended Barings BDC Advisory Agreement") with the Adviser. On June 24, 2023, we entered into the third amended and restated advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24 of each year subject to annual re-approval in accordance with its terms (the "Barings BDC Advisory Agreement"). All other terms and provisions of the Second Amended Barings BDC Advisory Agreement between us the Adviser, including with respect to the calculation of the fees payable to the Adviser, remained unchanged under the Barings BDC Advisory Agreement. Under the terms of the 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 business development company ("BDC") generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. Instead of directly compensating employees, we pay Barings for investment management and administrative services pursuant to the terms of an investment advisory agreement and an administration agreement. Under the terms of the 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").

Barings focuses on investing our portfolio primarily in 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 (as amended, the "Co-Investment 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.

We and Barings have applied for a new exemptive relief order which, if granted, would supersede the Co-Investment Exemptive Relief with respect to negotiated co-investment transactions alongside Barings' affiliated private and SEC-registered funds. There can be no assurance that we will obtain such new exemptive relief from the SEC.

Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and will seek to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.

We generate revenues in the form of interest income, primarily from our investments in debt securities, loan origination and other fees and dividend income. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Our senior secured, middle-market, private debt investments generally have terms of between five and seven years. Our senior secured, middle-market, first lien private debt investments generally bear interest between the Secured Overnight Financing Rate ("SOFR") (or the applicable currency rate for investments in foreign currencies) plus 450 basis points and SOFR plus 650 basis points per annum. Our subordinated middle-market, private debt investments generally bear interest between SOFR (or the applicable currency rate for investments in foreign currencies) plus 700 basis points and SOFR plus 900 basis points per annum if floating rate, and between 8% and 15% if fixed rate. From time to time, certain of our investments may have a form of interest, referred to as payment-in-kind ("PIK") interest, which is not paid currently but is instead accrued and added to the loan balance and paid at the end of the term. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities and/or mortgage securities.

As of June 30, 2025 and December 31, 2024, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 9.8% and 10.2%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 9.4% and 9.8% as of June 30, 2025 and December 31, 2024, respectively.

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**Relationship with Our Adviser, Barings**

Our investment adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, is a leading global asset management firm and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. Barings' primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our Board of Directors (the "Board"), Barings' Global Private Finance Group ("Barings GPFG") manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings' $363.4 billion Global Fixed Income Platform (as of June 30, 2025) that invests in liquid, private and structured credit. Barings GPFG also advises private funds and separately managed accounts, along with multiple public vehicles.

Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.

Under the terms of the Administration Agreement, Barings (in its capacity as our Administrator) performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board's oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.

Included in Barings GPFG is Barings North American Private Finance Team (the "U.S. Investment Team"), which consists of 54 investment professionals (as of June 30, 2025) located in three offices in the United States. The U.S. Investment Team provides a full set of solutions to the North American middle market, including first and second lien senior secured loans, unitranche structures, revolvers, mezzanine debt and equity co-investments. The U.S. Investment Team averages over 20 years of industry experience at the Managing Director and Director level. Also included in Barings GPFG are its Europe and Asia-Pacific Investment Committees and Private Finance Teams, which are responsible for our investment origination and portfolio monitoring activities for middle-market companies in Europe and Asia-Pacific geographies. In addition, Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.

**Stockholder Approval of Reduced Asset Coverage Ratio**

On July 24, 2018, our stockholders voted at a special meeting of stockholders (the "2018 Special Meeting") to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the 2018 Special Meeting, effective July 25, 2018, our applicable asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. As a result, we are permitted under the 1940 Act to incur indebtedness at a level which is more consistent with a portfolio of senior secured debt. As of June 30, 2025, our asset coverage ratio was 175.2%.

**Portfolio Composition**

The total value of our investment portfolio was $2,623.9 million as of June 30, 2025, as compared to $2,449.3 million as of December 31, 2024. As of June 30, 2025, we had investments in 332 portfolio companies with an aggregate cost of $2,635.8 million. As of December 31, 2024, we had investments in 328 portfolio companies with an aggregate cost of $2,522.7 million. As of both June 30, 2025 and December 31, 2024, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.

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As of June 30, 2025 and December 31, 2024, our investment portfolio consisted of the following investments:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Cost** | **Percentage of<br>Total<br>Portfolio** | **Fair Value** | **Percentage of<br>Total<br>Portfolio** |
| **June 30, 2025:** |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $1875449 | 71% | $1851109 | 71% |
| Subordinated debt and 2<sup>nd</sup> lien notes | 197950 | 8 | 192468 | 7 |
| Structured products | 55023 | 2 | 45658 | 2 |
| Equity shares | 381508 | 14 | 440536 | 17 |
| Equity warrants | 76 |  | 1087 |  |
| Royalty rights | 1341 |  | 1542 |  |
| Investment in joint ventures | 124483 | 5 | 91482 | 3 |
|  | $2635830 | 100% | $2623882 | 100% |
| **December 31, 2024:** |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $1747841 | 69% | $1686411 | 69% |
| Subordinated debt and 2<sup>nd</sup> lien notes | 184043 | 7 | 165455 | 7 |
| Structured products | 89543 | 4 | 79548 | 3 |
| Equity shares | 360691 | 14 | 409129 | 17 |
| Equity warrants | 76 |  | 2732 |  |
| Royalty rights | 3627 |  | 5833 |  |
| Investment in joint ventures / PE fund | 136875 | 6 | 100164 | 4 |
|  | $2522696 | 100% | $2449272 | 100% |

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**Investment Activity**

During the six months ended June 30, 2025, we made 33 new investments totaling $266.9 million and made investments in existing portfolio companies totaling $139.0 million. We had 24 loans repaid totaling $125.2 million and recognized a net realized loss on these transactions of $27.9 million. We also received $69.4 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.1 million. We received $9.2 million of return of capital from our joint ventures, equity, and royalty rights investments. We also received proceeds of $4.7 million related to the exit of one of our royalty rights investments and recognized a realized gain on such exit of $2.5 million. In addition, we sold $55.9 million of middle-market portfolio debt investments to our joint ventures, recognizing a net realized gain on these transactions of $0.7 million. Also, investments in two portfolio companies were restructured, which resulted in a net realized loss of $2.3 million. Lastly, we received proceeds related to the sales and exits of equity investments totaling $9.1 million and recognized a net realized loss on such sales totaling $1.7 million.

During the six months ended June 30, 2024, we made 19 new investments totaling $102.1 million and made investments in existing portfolio companies totaling $118.8 million. We had 24 loans repaid totaling $188.3 million and received

$45.1 million of portfolio company principal payments. We received $8.1 million of return of capital from our joint ventures

and equity investments. We received $40.7 million for the sale of loans, recognizing a net realized loss on these transactions of

$0.4 million. In addition, investments in two portfolio companies were restructured, which resulted in a loss of $12.7 million.

Lastly, we received proceeds related to the sale of equity investments totaling $31.4 million and recognized a net realized gain

on such sales totaling $3.9 million.

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Total portfolio investment activity for the six months ended June 30, 2025 and 2024 was as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six Months Ended**<br>**June 30, 2025:**<br>**($ in thousands)** | **Senior Debt**<br>**and 1**<sup>st</sup> **Lien**<br>**Notes** | **Subordinated Debt and 2**<sup>nd</sup> **Lien Notes** | **Structured Products** | **Equity<br>Shares** | **Equity Warrants** | **Royalty Rights** | **Investments in Joint Ventures / PE Fund** | **Total** |
| Fair value, beginning of period | $1686411 | $165455 | $79548 | $409129 | $2732 | $5833 | $100164 | $2449272 |
| New investments | 334905 | 46395 | 7500 | 17158 |  |  |  | 405958 |
| Proceeds from sales of investments / return of capital | (63943) | (3) | (8909) | (9037) |  | (4753) | (5044) | (91689) |
| Loan origination fees received | (6628) | (1615) |  |  |  |  |  | (8243) |
| Principal repayments received | (127416) | (22434) | (31909) |  |  |  |  | (181759) |
| Payment-in-kind interest /dividend | 4109 | 439 |  | 7029 |  |  |  | 11577 |
| Accretion of loan premium /discount | 785 | 99 | 11 |  |  |  |  | 895 |
| Accretion of deferred loan origination revenue | 4626 | 444 | 143 |  |  |  |  | 5213 |
| Realized gain (loss) | (18830) | (9417) | (1355) | 5667 |  | 2467 | (7348) | (28816) |
| Unrealized appreciation (depreciation) | 37090 | 13105 | 629 | 10590 | (1645) | (2005) | 3710 | 61474 |
| Fair value, end of period | $1851109 | $192468 | $45658 | $440536 | $1087 | $1542 | $91482 | $2623882 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six Months Ended**<br>**June 30, 2024:**<br>**($ in thousands)** | **Senior Debt**<br>**and 1**<sup>st</sup> **Lien**<br>**Notes** | **Subordinated Debt and 2**<sup>nd</sup> **Lien Notes** | **Structured Products** | **Equity<br>Shares** | **Equity Warrants** | **Royalty Rights** | **Investments in Joint Ventures / PE Fund** | **Total** |
| Fair value, beginning of period | $1670300 | $238215 | $93038 | $374704 | $2392 | $— | $110066 | $2488715 |
| New investments | 185075 | 26325 | 48 | 5524 |  | 3871 |  | 220843 |
| Investment restructuring | (22249) |  |  | 22196 | 53 |  |  |  |
| Proceeds from sales of investments / return of capital | (35733) | (4975) | (4140) | (31238) | (202) |  | (3926) | (80214) |
| Loan origination fees received | (3472) | (296) |  |  |  |  |  | (3768) |
| Principal repayments received | (199946) | (32222) | (1260) |  |  |  |  | (233428) |
| Payment-in-kind interest / dividends | 2509 | 1708 |  | 5844 |  |  |  | 10061 |
| Accretion of loan premium / discount | 343 | 57 | 12 |  |  |  |  | 412 |
| Accretion of deferred loan origination revenue | 4986 | 487 |  |  |  |  |  | 5473 |
| Realized gain (loss) | (7664) | (5106) | (6) | 3527 | 148 |  |  | (9101) |
| Unrealized appreciation (depreciation) | (12322) | 1862 | 4795 | 2747 | 233 |  | (648) | (3333) |
| Fair value, end of period | $1581827 | $226055 | $92487 | $383304 | $2624 | $3871 | $105492 | $2395660 |

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**Portfolio Risk Monitoring**

The Adviser monitors our portfolio companies on an ongoing basis. As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, rates each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk ratings may not be comparable to ones used by other companies. For additional information regarding the Adviser's portfolio management and investment monitoring, see "Item 1. Business – Portfolio Management and Investment Monitoring" in our Annual Report on Form 10-K for the year ended December 31, 2024.

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Our risk assessment is based on the following risk rating categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Rating 1:&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of the Adviser, the issuer is performing materially above expectations at the time of underwriting and the business trends and/or risk factors are favorable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Rating 2:&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of the Adviser, the issuer is performing in a manner consistent with expectations at the time of underwriting and the current risk is believed to be similar to that at the time the asset was originated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Rating 3:&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of the Adviser, the issuer is performing below expectations at the time of underwriting and the investment risk has increased since underwriting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Rating 4:&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of the Adviser, the issuer is performing materially below expectations at the time of underwriting and the investment risk has increased materially since underwriting. Issuers with a risk rating of 4 are typically in violation of one or more debt covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Rating 5:&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of the Adviser, the issuer is performing substantially below expectations at the time of underwriting and indicates the investment risk has increased substantially since underwriting. Loans with a risk rating of 5 are not anticipated to be repaid in full or have a possibility to not be repaid in full, and the fair market value reflects the Adviser's current estimate of recoverable value.

The following table shows the classification of our investments by risk rating as of June 30, 2025 and December 31, 2024. Investment risk ratings are accurate only as of those dates and may change due to subsequent developments to a portfolio company's business or financial condition, market conditions or developments, and other factors.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;($ in thousands) | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;**Risk Rating Category** | **Fair Value (1)** | **Percentage of<br>Total<br>Portfolio** | **Fair Value (1)** | **Percentage of<br>Total<br>Portfolio** |
| &nbsp;&nbsp;Category 1 | $233105 | 9% | $199308 | 8% |
| &nbsp;&nbsp;Category 2 | 1823716 | &nbsp;&nbsp;71 | 1596705 | &nbsp;&nbsp;66 |
| &nbsp;&nbsp;Category 3 | 347879 | &nbsp;&nbsp;13 | 357015 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Category 4 | 123869 | &nbsp;&nbsp;5 | 209814 | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;Category 5 | 56048 | 2 | 45669 | 2 |
| &nbsp;&nbsp;Total | $2584617 | 100% | $2408511 | 100% |

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(1) Excludes 9.1% member interest in Jocassee Partners LLC.

**Non-Accrual Assets**

Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of June 30, 2025, we had eight portfolio companies with investments on non-accrual, the aggregate fair value of which was $13.9 million, which comprised 0.5% of the total fair value of our portfolio, and the aggregate cost of which was $35.8 million, which comprised 1.4% of the total cost of our portfolio. As of December 31, 2024, we had eight portfolio companies with investments on non-accrual, the aggregate fair value of which was $8.0 million, which comprised 0.3% of the total fair value of our portfolio, and the aggregate cost of which was $41.6 million, which comprised 1.6% of the total cost of our portfolio.

A summary of our non-accrual assets as of June 30, 2025 is provided below:

*Acogroup*

During the quarter ended June 30, 2025, we placed our debt investment in Acogroup on non-accrual status. As a result, under U.S. generally accepted accounting principles ("U.S. GAAP"), we will not recognize interest income on our debt investment in Acogroup for financial reporting purposes. As of June 30, 2025, the cost of our debt investment in Acogroup was $8.0 million and the fair value of such investments was $3.7 million.

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*Biolam Group*

During the quarter ended September 30, 2024, we placed our debt investment in Biolam Group, or Biolam, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Biolam for financial reporting purposes. As of June 30, 2025, the cost of our debt investment in Biolam was $2.5 million and the fair value of such investment was $1.4 million.

*Canadian Orthodontic Partners Corp.*

During the quarter ended March 31, 2024, we placed our first lien senior secured debt investment in Canadian Orthodontic Partners Corp., or Canadian Orthodontics, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien senior secured debt investment in Canadian Orthodontics for financial reporting purposes. As of June 30, 2025, the cost of our first lien senior secured debt investment in Canadian Orthodontics was $1.9 million and the fair value of such investment was $0.2 million.

*Eurofins Digital Testing International LUX Holdings SARL*

During the quarter ended June 30, 2024, we placed our debt investments in Eurofins Digital Testing International LUX Holdings SARL, or Eurofins, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Eurofins for financial reporting purposes. As of June 30, 2025, the cost of our debt investments in Eurofins was $5.4 million and the fair value of such investments was $2.2 million.

*GPNZ II GmbH*

During the quarter ended March 31, 2024, we placed our first lien EURIBOR + 6.00% debt investment in GPNZ II GmbH, or GPNZ, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien EURIBOR + 6.00% debt investment in GPNZ for financial reporting purposes. As of June 30, 2025, the cost of our first lien EURIBOR + 6.00% debt investment in GPNZ was $0.4 million and the fair value of such investment was $0.1 million.

*Polymer Solutions Group Holdings, LLC*

In connection with the Sierra Merger we purchased our debt investment in Polymer Solutions Group Holdings, LLC, or Polymer. During the quarter ended December 31, 2024, we placed our debt investment in Polymer on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Polymer for financial reporting purposes. As of June 30, 2025, the cost of our debt investment in Polymer was $1.0 million and the fair value of such investment was $0.4 million.

*Ruffalo Noel Levitz, LLC*

During the quarter ended March 31, 2025, we placed our first lien SOFR + 4.00% debt investment in Ruffalo Noel Levitz, LLC, or Ruffalo, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien SOFR + 4.00% debt investment in Ruffalo for financial reporting purposes. As of June 30, 2025, the cost of our first lien SOFR + 4.00% debt investment in Ruffalo was $9.9 million and the fair value of such investment was $3.1 million.

*Zeppelin Bidco Limited*

During the quarter ended March 31, 2025, we placed our debt investment in Zeppelin Bidco Limited, or Zeppelin, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Zeppelin for financial reporting purposes. As of June 30, 2025, the cost of our debt investment in Zeppelin was $6.6 million and the fair value of such investment was $2.6 million.

**PIK Non-Accrual Assets**

In addition to our non-accrual assets, during the quarter ended September 30, 2024, we placed our first lien senior secured debt investment in A.T. Holdings II LTD, or A.T. Holdings, on non-accrual status only with respect to the PIK interest component of the loan. As of June 30, 2025, the cost of our debt investment in A.T. Holdings was $11.9 million, or 0.5% of the total cost of our portfolio, and the fair value of such investment was $7.9 million, or 0.3% of the total fair value of our portfolio.

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**Results of Operations**

***Comparison of the three and six months ended June 30, 2025 and June 30, 2024***

Operating results for the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months**<br>**Ended** | **Three Months**<br>**Ended** | **Six Months**<br>**Ended** | **Six Months**<br>**Ended** |
| ($ in thousands) | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Total investment income | $74398 | $74886 | $138837 | $144692 |
| Total operating expenses | 43780 | 32429 | 81428 | 72633 |
| **Net investment income before taxes** | **30618** | **42457** | **57409** | **72059** |
| Income taxes, including excise tax expense | 808 | 315 | 1208 | 565 |
| **Net investment income after taxes** | **29810** | **42142** | **56201** | **71494** |
| Net realized gains (losses) | (15157) | 8074 | (16227) | (13379) |
| Net unrealized appreciation (depreciation) | 5906 | (30776) | 13161 | 5326 |
| Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts | (9251) | (22702) | (3066) | (8053) |
| **Net increase in net assets resulting from operations** | $**20559** | $**19440** | $**53135** | $**63441** |

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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, comparisons of net changes in net assets resulting from operations may not be meaningful.

*Investment Income*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months**<br>**Ended** | **Three Months**<br>**Ended** | **Six Months**<br>**Ended** | **Six Months**<br>**Ended** |
| ($ in thousands) | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income | $50217 | $54927 | $95837 | $109459 |
| &nbsp;&nbsp;&nbsp;Total dividend income | 14593 | 11734 | 25335 | 20210 |
| &nbsp;&nbsp;&nbsp;Total fee and other income | 4880 | 3769 | 8454 | 7242 |
| &nbsp;&nbsp;&nbsp;Total payment–in–kind interest income | 4508 | 4198 | 8827 | 7323 |
| &nbsp;&nbsp;&nbsp;Interest income from cash | 200 | 258 | 384 | 458 |
| Total investment income | $74398 | $74886 | $138837 | $144692 |

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The change in total investment income for both the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024 was primarily due to a decrease in the weighted average yield on the portfolio, partially offset by increased dividends from portfolio companies and joint venture investments and increased fee and other income. The weighted average yield on the principal amount of our outstanding debt investments, other than non-accrual debt investments, was 9.8% as of June 30, 2025, as compared to 10.9% as of June 30, 2024.

For the three and six months ended June 30, 2025, dividends from portfolio companies and joint venture investments were $14.6 million and $25.3 million, respectively, as compared to $11.7 million and $20.2 million for the three and six months ended June 30, 2024, respectively. For the three and six months ended June 30, 2025, fee and other income was $4.9 million and $8.5 million, respectively, as compared to $3.8 million and $7.2 million for the three and six months ended June 30, 2024, respectively.

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*Operating Expenses*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months**<br>**Ended** | **Three Months**<br>**Ended** | **Six Months**<br>**Ended** | **Six Months**<br>**Ended** |
| ($ in thousands) | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing fees | $22176 | $20774 | $42373 | $41856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee | 8193 | 8190 | 16211 | 16469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive management fees | 11117 | 1122 | 18855 | 9289 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 2294 | 2343 | 3989 | 5019 |
| Total operating expenses | $43780 | $32429 | $81428 | $72633 |

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*Interest and Other Financing Fees*

Interest and other financing fees during the three and six months ended June 30, 2025 and 2024 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes, the February Notes, the November 2026 Notes and the February 2029 Notes (each as defined below under "Liquidity and Capital Resources"). The increase in interest and other financing fees for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024, was primarily attributed to higher weighted average borrowings outstanding, partially offset by a lower weighted average interest rate on the February 2019 Credit Facility. For the three and six months ended June 30, 2025, the weighted average borrowings outstanding on the February 2019 Credit Facility were $559.1 million and $485.1 million, respectively, as compared to $407.9 million and $483.0 million, respectively, for the three and six months ended June 30, 2024. The weighted average interest rate on the February 2019 Credit Facility for the three and six months ended June 30, 2025 was 5.8% and 5.9%, respectively, as compared to 6.9% and 7.0%, respectively, for the three and six months ended June 30, 2024.

*Base Management Fee* 

Under the terms of the 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. Agreements and Related Party Transactions" to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three and six months ended June 30, 2025, the amount of Base Management Fees incurred were approximately $8.2 million and $16.2 million, respectively. For the three and six months ended June 30, 2024, the amount of Base Management Fees incurred were approximately $8.2 million and $16.5 million, respectively.

The decrease in the Base Management Fees for the six months ended June 30, 2025 versus the six months ended June 30, 2024 is primarily related to the average value of gross assets decreasing from $5,270.2 million for the six months ended June 30, 2024 to $5,187.6 million for the six months ended June 30, 2025. For both the three and six months ended June 30, 2025 and 2024, the Base Management Fee rate was 1.250%.

*Incentive Fee*

Under the Barings BDC Advisory Agreement, we pay Barings an incentive fee (the "Incentive Fee"). A portion of the Incentive Fee is based on our income (the "Income-Based Fee") and a portion is based on our capital gains (the "Capital Gains Fee"). The Income-Based Fee is 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. Agreements and Related Party Transactions" to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three and six months ended June 30, 2025, the amount of Income-Based Fees incurred were $11.1 million and $18.9 million, respectively, as compared to $1.1 million and $9.3 million, for the three and six months ended June 30, 2024. The Income-Based Fee is subject to a cap (the "Incentive Fee Cap"). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. See "Note 2. Agreements and Related Party Transactions" to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Incentive Fee Cap. The increase in the Incentive Fees for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, relates to a higher Incentive Fee Cap for the three and six months ended June 30, 2025, as a result of an increase

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in Cumulative Pre-Incentive Fee Net Return partially offset by a smaller increase in incentive fees paid in the trailing twelve quarters (or portion thereof).

*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. Agreements and Related Party Transactions" to our Unaudited Consolidated Financial Statements for additional information regarding the Administration Agreement. For the three and six months ended June 30, 2025, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.4 million and $0.7 million, respectively. For the three and six months ended June 30, 2024 the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.4 million and $1.0 million, respectively. In addition to expenses incurred under the Administration Agreement, general and administrative expenses include fees payable to the members of our Board for their service on the Board, directors' and officers' insurance costs, as well as legal and accounting expenses.

*Net Realized Gains (Losses)*

Net realized gains (losses) during the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months**<br>**Ended** | **Three Months**<br>**Ended** | **Six Months**<br>**Ended** | **Six Months**<br>**Ended** |
| ($ in thousands) | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Net realized gains (losses):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | $6024 | $7685 | $(4360) | $(4922) |
| &nbsp;&nbsp;&nbsp;Affiliate investments |  | (4179) |  | (4179) |
| &nbsp;&nbsp;&nbsp;Control investments | (17109) |  | (24456) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (11085) | 3506 | (28816) | (9101) |
| &nbsp;&nbsp;&nbsp;Credit support agreements | 9400 |  | 9400 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 787 | 153 | 2235 | 393 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | (14259) | 4415 | 954 | (4671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | $(15157) | $8074 | $(16227) | $(13379) |

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During the three months ended June 30, 2025, we recognized net realized losses totaling $15.2 million, which consisted primarily of a net loss on forward currency contracts of $14.3 million and a net loss on our investment portfolio of $11.1 million, partially offset by a gain on the termination of the MVC Credit Support Agreement (as defined in "Note 2. Agreements and Related Party Transactions") with Barings of $9.4 million and a net gain on foreign currency transactions of $0.8 million. The net loss on our investment portfolio predominantly related to a $17.1 million loss on the exit of one loan investment and a $2.5 million loss on the restructuring of one investment, partially offset by a $5.3 million gain on the exit of three equity investments, and a $2.5 million gain on the exit of one of our royalty rights investments, which were all primarily reclassified from net unrealized depreciation during the three months ended June 30, 2025. During the six months ended June 30, 2025, we recognized net realized losses totaling $16.2 million, which consisted primarily of a net loss on our investment portfolio of $28.8 million, partially offset by a net gain on the termination of the MVC Credit Support Agreement of $9.4 million, a net gain on forward currency transactions of $2.2 million and a net gain on foreign currency contracts of $1.0 million. The net loss on our investment portfolio predominantly related to a $27.9 million loss on the exit of three loan investments, a $7.3 million loss on the exit of one equity investment, and a $2.5 million loss on the restructuring of one investment, partially offset by a $5.3 million gain on the exit of three equity investments and a $2.5 million gain on the exit of one of our royalty rights investments, which were all primarily reclassified from net unrealized depreciation during the six months ended June 30, 2025.

During the three months ended June 30, 2024, we recognized net realized gains totaling $8.1 million, which consisted

primarily of a net gain on our investment portfolio of $3.5 million, a net gain on foreign currency transactions of $0.2 million

and a net gain on forward currency contracts of $4.4 million. The net gain on our investment portfolio predominantly related to

a $7.2 million gain on the sale of one investment, partially offset by a $4.2 million loss on the sale of one investment, which

was reclassified from unrealized depreciation during the three months ended June 30, 2024. During the six months ended

June 30, 2024, we recognized net realized losses of $13.4 million, which consisted primarily of a net loss on our investment

portfolio of $9.1 million, a net gain on foreign currency transactions of $0.4 million and a net loss on forward currency

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contracts of $4.7 million. The net loss on our investment portfolio was primarily comprised of a $12.7 million loss on the

restructuring of two investments and a $4.2 million loss on the sale of one investment, which were primarily reclassified from

unrealized depreciation, partially offset by a $7.2 million gain on the sale of one investment during the six months ended June

30, 2024.

*Net Unrealized Appreciation (Depreciation)*

Net unrealized appreciation (depreciation) during the three and six months ended June 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months**<br>**Ended** | **Three Months**<br>**Ended** | **Six Months**<br>**Ended** | **Six Months**<br>**Ended** |
| ($ in thousands) | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Net unrealized appreciation (depreciation):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | $8975 | $(7831) | $31205 | $672 |
| &nbsp;&nbsp;&nbsp;Affiliate investments | 663 | (5034) | (1197) | (2239) |
| &nbsp;&nbsp;&nbsp;Control investments | 17817 | (13572) | 30447 | (1766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 27455 | (26437) | 60455 | (3333) |
| &nbsp;&nbsp;&nbsp;Credit support agreements | (3000) | (904) | 1350 | (7254) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (15205) | 1025 | (22983) | 4541 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | (3344) | (4460) | (25661) | 11372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | $5906 | $(30776) | $13161 | $5326 |

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During the three months ended June 30, 2025, we recorded net unrealized appreciation totaling $5.9 million, consisting of net unrealized appreciation on our current portfolio of $14.7 million, net unrealized appreciation reclassification adjustments of $12.8 million related to the net realized losses on the sales / exits of certain investments, unrealized appreciation of $6.4 million on the Sierra Credit Support Agreement (as defined in "Note 2. Agreements and Related Party Transactions") with Barings, partially offset by net unrealized depreciation related to foreign currency transactions of $15.2 million, unrealized depreciation of $9.4 million related to the net realized gain on the termination of the MVC Credit Support Agreement with Barings and net unrealized depreciation related to forward currency contracts of $3.3 million. The net unrealized appreciation on our current portfolio of $14.7 million was driven primarily by the impact of foreign currency exchange rates on investments of $34.2 million, partially offset by the credit or fundamental performance of investments of $13.0 million and broad market moves for investments of $6.5 million.

During the six months ended June 30, 2025, we recorded net unrealized appreciation totaling $13.2 million, consisting of net unrealized appreciation on our current portfolio of $31.7 million, net unrealized appreciation reclassification adjustments of $29.8 million related to the net realized losses on the sales / exits of certain investments, unrealized appreciation of $7.0 million on the Sierra Credit Support Agreement with Barings, partially offset by net unrealized depreciation related to forward currency contracts of $25.7 million, net unrealized depreciation related to foreign currency transactions of $23.0 million, unrealized depreciation of $5.6 million on the MVC Credit Support Agreement with Barings and deferred taxes of $1.0 million. The net unrealized appreciation on our current portfolio of $31.7 million was driven primarily by the impact of foreign currency exchange rates on investments of $49.0 million and broad market moves for investments of $1.3 million, partially offset by the credit or fundamental performance of investments of $18.6 million.

During the three months ended June 30, 2024, we recorded net unrealized depreciation totaling $30.8 million, consisting

of net unrealized depreciation on our current portfolio of $30.1 million, unrealized depreciation of $2.8 million on the Sierra

credit support agreement with Barings and net unrealized depreciation related to forward currency contracts of $4.5 million,

partially offset by net unrealized appreciation reclassification adjustments of $3.6 million related to the net realized losses on

the sales / repayments and restructures of certain investments, unrealized appreciation of $1.9 million on the MVC credit

support agreement with Barings and net unrealized appreciation related to foreign currency transactions of $1.0 million. The net

unrealized depreciation on our current portfolio of $30.1 million was driven primarily by the credit or fundamental performance

of investments of $21.6 million, broad market moves for investments of $7.7 million and the impact of foreign currency

exchange rates on investments of $0.8 million.

During the six months ended June 30, 2024, we recorded net unrealized appreciation totaling $5.3 million consisting of

net unrealized appreciation reclassification adjustments of $16.2 million related to the net realized losses on the sales /

repayments and restructures of certain investments, unrealized appreciation of $0.6 million on the MVC credit support

agreement with Barings, net unrealized appreciation related to foreign currency transactions of $4.5 million and net unrealized

appreciation related to forward currency contracts of $11.4 million, partially offset by net unrealized depreciation on our current

portfolio of $19.5 million and unrealized depreciation of $7.9 million on the Sierra credit support agreement with Barings. The

net unrealized depreciation on our current portfolio of $19.5 million was driven primarily by the credit or fundamental

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performance of investments of $14.7 million and the impact of foreign currency exchange rates on investments of $11.1

million, partially offset by broad market moves for investments of $6.3 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 (as defined below under "Financing Transactions") 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.

*Cash Flows*

For the six months ended June 30, 2025, we experienced a net decrease in cash in the amount of $42.1 million. During that period, our operating activities used $60.5 million in cash, consisting primarily of purchases of portfolio investments of $409.2 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $274.6 million. In addition, our financing activities provided net cash of $18.4 million, consisting of net borrowings under the February 2019 Credit Facility of $86.0 million, partially offset by dividends paid in the amount of $65.3 million and share repurchases of $2.3 million. As of June 30, 2025, we had $49.3 million of cash and foreign currencies on hand, including $4.7 million of restricted cash.

For the six months ended June 30, 2024, we experienced a net increase in cash in the amount of $13.8 million. During

that period, our operating activities provided $143.2 million in cash, with proceeds from sales or repayments of portfolio

investments totaling $289.3 million and other cash collections from investments exceeding purchases of portfolio investments

of $216.9 million. In addition, our financing activities used net cash of $129.4 million, consisting of net repayments under the

February 2019 Credit Facility of $364.0 million, dividends paid in the amount of $55.1 million and share repurchases of

$3.0 million, partially offset by net proceeds of $292.8 million from the issuance of the February 2029 Notes. As of June 30, 2024, we had $84.4 million of cash and foreign currencies on hand, including $15.0 million of restricted cash.

*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 totaled $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 allowed for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and satisfaction of specified financial covenants (the "November 2021 Amendment"). Effective on February 25, 2022, we increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed 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 (the "February 2022 Amendment"). 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 allowed 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 "April 2022 Amendment"). 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, our indirect wholly-owned Delaware limited liability company ("BSF"), credit facility entered into in August 2018 with Bank of America, N.A., BSF became a subsidiary guarantor whose assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026 (the "May 2023 Amendment"). Effective November 5, 2024 we amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from February 21, 2025 to November 5, 2028; (b) extend the stated maturity date from February 21, 2026 to November 5, 2029; (c) adjust the interest rate charged on the February 2019 Credit Facility from an applicable spread of either the term 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 to an applicable spread of 1.875% plus a credit spread adjustment of 0.10%; and (d) reduce the total commitments under the facility from $1,065 million to $825 million, of which $100 million has been reallocated from revolving commitments to term loan commitments (the "November 2024 Amendment").

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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 0.875% or (ii) the term SOFR plus an applicable spread of 1.875% plus a credit spread adjustment of 0.10%. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 1.875% or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.0875%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.

In addition, we pay a commitment fee of 0.375% per annum on undrawn amounts of the February 2019 Credit Facility. In connection with entering into the February 2019 Credit Facility, we incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility. In connection with all amendments to the February 2019 Credit Facility, we incurred financing fees of approximately $10.7 million, which will be amortized over the remaining life of the February 2019 Credit Facility.

As of June 30, 2025, we were in compliance with all covenants under the February 2019 Credit Facility and had U.S. dollar borrowings of $342.5 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 6.286% (one month SOFR of 4.311%), borrowings denominated in British pounds sterling of £49.6 million ($67.9 million U.S. dollars) with an interest rate of 6.119% (one month SONIA of 4.211%) and borrowings denominated in Euros of €116.6 million ($136.9 million U.S. dollars) with an interest rate of 3.875% (one month EURIBOR of 2.000%). 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 our Unaudited Consolidated Statements of Operations.

The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of June 30, 2025, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $547.3 million. See "Note 5. Borrowings — February 2019 Credit Facility" 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 were issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 were 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.

Our permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date we 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

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bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of June 30, 2025, we were in compliance with all covenants under the August 2020 NPA.

The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of June 30, 2025, the fair value of the outstanding August 2025 Notes was $49.8 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.

For more information, see "Recent Developments."

*November Notes*

On November 4, 2020, we entered into a Note Purchase Agreement (the "November 2020 NPA") governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the "Series B Notes") with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the "Series C Notes," and, collectively with the Series B Notes, the "November Notes") with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020.

The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, we are obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, we may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders' equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of June 30, 2025, we were in compliance with all covenants under the November 2020 NPA.

The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of June 30, 2025, the fair value of the outstanding Series B Notes and the Series C Notes was $62.1 million and $109.9 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.

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*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 Series D Notes and the Series E Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors' net worth, measured as of each fiscal quarter end; (b) not permitting our asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.

The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of June 30, 2025, we were in compliance with all covenants under the February 2021 NPA.

The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of June 30, 2025, the fair value of the outstanding Series D Notes and the Series E Notes was $78.4 million and $66.7 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

*November 2026 Notes*

On November 23, 2021, we entered into an Indenture (the "Base Indenture") and a First Supplemental Indenture (the "First Supplemental Indenture" and, together with the Base Indenture, the "November 2026 Notes Indenture") with U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association, the "Trustee"). The First Supplemental Indenture relates to our issuance of $350.0 million aggregate principal amount of our 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 November 2026 Notes 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

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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 November 2026 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not we are subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if we are no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These covenants are subject to important limitations and exceptions that are described in the November 2026 Notes Indenture.

In addition, on the occurrence of a "change of control repurchase event," as defined in the November 2026 Notes 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.

The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, we entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, we filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the "Exchange Notes"). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.

As of June 30, 2025, the fair value of the outstanding November 2026 Notes was $335.7 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.

*February 2029 Notes*

On February 7, 2024, we entered into an underwriting agreement among us, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth Third Securities, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of our 7.000% senior unsecured notes due February 15, 2029 (the "February 2029 Notes"). The February 2029 Notes offering closed on February 12, 2024 and the February 2029 Notes were issued under a Second Supplemental Indenture, dated February 12, 2024, between us and the Trustee, to the Base Indenture (the "Second Supplemental Indenture," and together with the Base Indenture, the "February 2029 Notes Indenture").

The February 2029 Notes will mature on February 15, 2029 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 February 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The February 2029 Notes are general unsecured obligations of ours 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 February 2029 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 February 2029 Notes 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 we are subject to those requirements (but giving effect to exemptive relief granted to us by the SEC), and to provide financial information to the holders of the February 2029 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 February 2029 Notes Indenture.

In addition, on the occurrence of a "change of control repurchase event," as defined in the February 2029 Notes Indenture, we may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029

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Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by us in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by us.

As of June 30, 2025, the fair value of the outstanding February 2029 Notes was $303.3 million. The fair value determinations of the February 2029 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the February 2029 Notes, on February 12, 2024, we entered into a $300.0 million notional value interest rate swap. We receive a fixed rate interest at 7.00% paid semi-annually and pay semi-annually based on a compounded daily rate of SOFR plus 3.14750%. The swap transaction matures on February 15, 2029. The interest expense related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $3.3 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

*Share Repurchase Programs*

On February 22, 2024, our Board authorized a 12-month share repurchase program (the "Prior Share Repurchase Program"). Under the Prior Share Repurchase Program, we were able to repurchase, during the 12-month period commencing on March 1, 2024, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current net asset value ("NAV") per share. The timing, manner, price and amount of any share repurchases was determined by us, at our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Prior Share Repurchase Program terminated on March 1, 2025. The Prior Share Repurchase Program did not require us to repurchase any specific number of shares, and we could not assure stockholders that any shares would be repurchased under the Prior Share Repurchase Program. During the six months ended June 30, 2025, we did not repurchase any shares pursuant to the Prior Share Repurchase Program.

On February 20, 2025, our Board authorized a new 12-month share repurchase program (the "Share Repurchase Program"). Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on March 1, 2025, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2026, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the six months ended June 30, 2025, we repurchased a total of 250,000 shares of common stock in the open market under the Share Repurchase Program at an average price of $9.35 per share, including brokerage commissions.

*Distributions to Stockholders*

We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. We have adopted a dividend reinvestment plan ("DRIP") that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.

We have elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (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

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will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing agreement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend under published guidance from the Internal Revenue Service) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.

The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income, or ICTI, as defined in the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward ICTI in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover ICTI must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount ("OID") (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the OID 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 OID or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

**Recent Developments**

Subsequent to June 30, 2025, we made approximately $59.3 million of new commitments, of which $38.6 million closed and funded. The $38.6 million of investments consists of $28.9 million of first lien senior secured debt investments, $9.4 million of subordinated debt investments and $0.3 million of equity investments. The weighted average yield of the debt investments was 9.4%. In addition, we funded $22.6 million of previously committed revolvers and delayed draw term loans.

On August 4, 2025, the August 2025 Notes matured in accordance with the terms of the August 2020 NPA and we repaid in full the par amount plus accrued and unpaid interest.

On August 7, 2025, the Board declared a quarterly distribution of $0.26 per share payable on September 10, 2025 to holders of record as of September 3, 2025.

**Critical Accounting Policies and Use of Estimates**

The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

***Valuation of Investments***

The Adviser conducts the valuation of our investments, upon which our NAV 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 Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, *Fair Value Measurements and Disclosures* ("ASC Topic 820"). Our current valuation policy and processes were established by the Adviser and were approved by the Board.

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As of June 30, 2025, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 223% of our total net assets, as compared to approximately 206% of our total net assets as of December 31, 2024.

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

*Level 1 Inputs* – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

*Level 2 Inputs* – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

*Level 3 Inputs* – include inputs that are unobservable and significant to the fair value measurement.

A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.

There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

*Investment Valuation Process*

The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by us for which market quotations are not readily available. 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

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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 value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the "discount rate") as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders' best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

*Valuation Inputs*

The Adviser's valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser's market assumptions. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

*Valuation of Investments in Jocassee Partners LLC, Thompson Rivers LLC, Waccamaw River LLC and Sierra Loan Strategy JV I LLC*

As Jocassee Partners LLC, Thompson Rivers LLC, Waccamaw River LLC and Sierra Loan Strategy JV I LLC are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using the NAV of each company and our ownership percentage as a practical expedient. The NAV 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

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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 Topic 325-40, *Beneficial Interests in Securitized Financial Assets*. We monitor the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.

We may have to include interest income in our ICTI, including OID 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 and Other Income*

Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan, or Loan Origination Fees, are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection with revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.

Fee and other income for the three and six months ended June 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months**<br>**Ended** | **Six Months**<br>**Ended** |
| ($ in thousands) | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Recurring Fee and Other Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan origination fees | $1909 | $1763 | $3673 | $3449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management, valuation and other fees | 660 | 396 | 1226 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty income | 148 | 75 | 303 | 75 |
| Total Recurring Fee and Other Income | 2717 | 2234 | 5202 | 4364 |
| **Non-Recurring Fee and Other Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment fees | 55 | 271 | 196 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acceleration of unamortized loan origination fees | 656 | 1290 | 1540 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory, loan amendment and other fees | 1452 | (26) | 1516 | 582 |
| Total Non-Recurring Fee and Other Income | 2163 | 1535 | 3252 | 2878 |
| **Total Fee and Other Income** | $**4880** | $**3769** | $**8454** | $**7242** |

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*Payment-in-Kind (PIK) 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.

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We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.

PIK interest and dividend income for the three and six months ended June 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months**<br>**Ended** | **Six Months**<br>**Ended** |
| ($ in thousands) | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| PIK interest income | $4508 | $4198 | $8827 | $7323 |
| PIK interest income as a % of investment income | 6.1% | 5.6% | 6.4% | 5.1% |
| PIK dividend income | $3458 | $3031 | $6607 | $6008 |
| PIK dividend income as % of investment income | 4.6% | 4.0% | 4.8% | 4.2% |
| Total PIK income | $7966 | $7229 | $15434 | $13331 |
| Total PIK income as a % of investment income | 10.7% | 9.7% | 11.1% | 9.2% |

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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.

***Unused Commitments***

In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2025 and December 31, 2024, we believed that we had adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of June 30, 2025 and December 31, 2024 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| Accelevation LLC | Delayed Draw Term Loan | $1031 | $— |
| Accelevation LLC | Revolver | 609 |  |
| Accurus Aerospace Corporation(2) | Revolver | 980 | 461 |
| AD Bidco, Inc. | Delayed Draw Term Loan | 391 | 3522 |
| AD Bidco, Inc. | Revolver | 1303 | 1303 |
| Adhefin International(3) | Delayed Draw Term Loan | 446 | 393 |
| AirX Climate Solutions, Inc.(2) | Delayed Draw Term Loan | 2443 | 2443 |
| AirX Climate Solutions, Inc.(2) | Revolver | 814 | 814 |
| Aldinger Company | Term Loan | 3609 |  |
| AlliA Insurance Brokers NV(3) | Delayed Draw Term Loan | 48 | 259 |
| Americo Chemical Products, LLC | Revolver | 471 | 471 |
| Application Boot Camp LLC(2) | Revolver | 528 |  |

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------

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| Aquavista Watersides 2 LTD(4) | Capex / Acquisition Facility |  | 2182 |
| Arc Education(3) | Delayed Draw Term Loan | 1130 | 997 |
| Argus Bidco Limited(2)(4) | Capex / Acquisition Facility | 391 | 358 |
| Artemis Bidco Limited(3) | Delayed Draw Term Loan | 580 | 663 |
| ASC Communications, LLC | Revolver | 1089 | 1089 |
| Astra Bidco Limited(4) | Delayed Draw Term Loan |  | 185 |
| ATL II MRO Holdings Inc. | Revolver | 3289 | 3289 |
| Avance Clinical Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | 1252 | 1183 |
| Azalea Buyer, Inc. | Delayed Draw Term Loan |  | 644 |
| Azalea Buyer, Inc. | Revolver | 481 | 481 |
| Basin Innovation Group, LLC | Delayed Draw Term Loan | 2151 | 2151 |
| Basin Innovation Group, LLC | Revolver | 1858 | 1858 |
| Beyond Risk Management, Inc. | Delayed Draw Term Loan | 4629 | 4629 |
| Biolam Group(2)(3) | Delayed Draw Term Loan | 709 | 625 |
| BKF Buyer, Inc. | Revolver | 2970 | 2970 |
| Brightpay Limited(3) | Delayed Draw Term Loan |  | 131 |
| BrightSign LLC(2) | Revolver | 509 | 244 |
| Broadstone Group UK LTD(4) | Delayed Draw Term Loan | 2093 |  |
| CAi Software, LLC | Revolver | 1261 | 1261 |
| Caldwell & Gregory LLC | Delayed Draw Term Loan | 1541 | 3312 |
| Caldwell & Gregory LLC | Revolver | 2500 | 2500 |
| Canadian Orthodontic Partners Corp.(2)(6) | Delayed Draw Term Loan | 53 | 63 |
| Cascade Residential Services LLC(2) | Delayed Draw Term Loan | 99 | 629 |
| Cascade Residential Services LLC(2) | Revolver | 17 |  |
| CCFF Buyer, LLC | Delayed Draw Term Loan | 1396 | 1396 |
| CCFF Buyer, LLC | Revolver | 1047 | 1047 |
| Ceres Pharma NV(3) | Delayed Draw Term Loan | 669 |  |
| CGI Parent, LLC | Revolver | 1653 | 1653 |
| CH Buyer, LLC(2) | Revolver | 55 |  |
| Comply365, LLC(2) | Revolver | 1101 | 1101 |
| Coyo Uprising GmbH(3) | Delayed Draw Term Loan | 461 | 407 |
| CSL DualCom(4) | Capex / Acquisition Facility |  | 148 |
| CW Group Holdings, LLC(2) | Delayed Draw Term Loan | 7446 |  |
| DataServ Integrations, LLC | Revolver |  | 481 |
| DAWGS Intermediate Holdings Co. | Revolver | 1888 |  |
| DecksDirect, LLC(2) | Revolver | 360 | 34 |
| DISA Holdings Corp. | Revolver | 343 | 429 |
| Discovery Buyer, L.P. | Delayed Draw Term Loan | 7216 |  |
| Discovery Buyer, L.P. | Revolver | 1793 |  |
| Dune Group(3) | Delayed Draw Term Loan |  | 411 |
| EB Development(3) | Capex / Acquisition Facility | 242 |  |
| EB Development(3) | Delayed Draw Term Loan | 627 | 553 |
| Eclipse Business Capital, LLC | Revolver | 12909 | 12636 |
| Electrical Components International, Inc.(2) | Delayed Draw Term Loan | 585 | 585 |
| EMI Porta Holdco LLC(2) | Revolver | 2847 | 2254 |
| eShipping, LLC | Revolver | 1486 | 1486 |
| Events Software BidCo Pty Ltd(2) | Delayed Draw Term Loan | 619 | 619 |

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------

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| Expert Institute Group Inc. | Delayed Draw Term Loan | 2605 |  |
| Expert Institute Group Inc. | Revolver | 1401 |  |
| Express Wash Acquisition Company, LLC(2) | Revolver | 193 | 115 |
| EZ SMBO Bidco(3) | Delayed Draw Term Loan | 1375 |  |
| Faraday(3) | Delayed Draw Term Loan |  | 928 |
| Footco 40 Limited(4) | Delayed Draw Term Loan | 563 | 515 |
| Forest Buyer, LLC | Revolver | 298 | 298 |
| Fortis Payment Systems, LLC | Delayed Draw Term Loan |  | 361 |
| Fortis Payment Systems, LLC | Revolver |  | 625 |
| GB Eagle Buyer, Inc. | Delayed Draw Term Loan | 2312 | 2312 |
| GB Eagle Buyer, Inc. | Revolver | 1447 | 2316 |
| GCDL LLC | Delayed Draw Term Loan | 108 | 108 |
| GCDL LLC | Revolver | 108 | 108 |
| Global Academic Group Limited(2)(7) | Term Loan | 14 | 233 |
| GPNZ II GmbH(2)(3) | Delayed Draw Term Loan | 65 | 49 |
| Graphpad Software, LLC | Delayed Draw Term Loan | 2093 | 2093 |
| Graphpad Software, LLC | Revolver | 872 | 872 |
| Greenhill II BV(3) | Capex / Acquisition Facility |  | 28 |
| Groupe Product Life(2)(3) | Delayed Draw Term Loan | 6680 | 145 |
| Haystack Holdings LLC | Delayed Draw Term Loan | 4086 |  |
| Haystack Holdings LLC | Revolver | 1416 |  |
| HeartHealth Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | 174 | 164 |
| Heavy Construction Systems Specialists, LLC | Revolver | 2632 | 2632 |
| HEKA Invest(3) | Delayed Draw Term Loan | 611 | 539 |
| HemaSource, Inc. | Revolver | 1804 | 1804 |
| HomeX Services Group LLC | Delayed Draw Term Loan | 426 | 650 |
| HomeX Services Group LLC | Revolver | 338 | 338 |
| HS Advisory Buyer LLC | Delayed Draw Term Loan | 4868 |  |
| HS Advisory Buyer LLC | Revolver | 600 |  |
| HSL Compliance(4) | Delayed Draw Term Loan | 2579 |  |
| HTI Technology & Industries(2) | Delayed Draw Term Loan | 2045 | 2045 |
| HTI Technology & Industries(2) | Revolver | 1364 | 1364 |
| Hydratech Holdings, Inc. | Delayed Draw Term Loan | 162 | 1725 |
| Hydratech Holdings, Inc. | Revolver | 763 | 924 |
| Ice House America, L.L.C.(2) | Delayed Draw Term Loan | 816 | 816 |
| Ice House America, L.L.C.(2) | Revolver | 63 | 257 |
| Interstellar Group B.V.(3) | Delayed Draw Term Loan | 628 | 582 |
| InvoCare Limited(5) | Delayed Draw Term Loan | 291 | 275 |
| ISTO Technologies II, LLC | Revolver | 714 | 714 |
| ITI Intermodal, Inc. | Revolver | 1031 | 1031 |
| Jocassee Partners LLC | Joint Venture | 65000 | 65000 |
| Jon Bidco Limited(2)(7) | Capex / Acquisition Facility | 788 | 728 |
| Jones Fish Hatcheries & Distributors LLC | Revolver | 418 | 418 |
| Keystone Bidco B.V.(3) | Delayed Draw Term Loan | 67 | 185 |
| Keystone Bidco B.V.(3) | Revolver | 42 | 28 |
| Kline Hill Partners LP(2) | Delayed Draw Term Loan | 2245 |  |
| Kline Hill Partners LP(2) | Revolver | 898 |  |

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------

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| Lambir Bidco Limited(2)(3) | Delayed Draw Term Loan | 102 | 402 |
| Lattice Group Holdings Bidco Limited | Delayed Draw Term Loan | 72 | 237 |
| Lattice Group Holdings Bidco Limited | Revolver |  | 35 |
| LeadsOnline, LLC | Revolver | 2603 | 2603 |
| Lockmasters Security Intermediate, Inc. (2) | Delayed Draw Term Loan | 2024 |  |
| Lockmasters Security Intermediate, Inc. (2) | Revolver | 782 |  |
| Marmoutier Holding B.V.(2)(3) | Delayed Draw Term Loan |  | 23 |
| Marmoutier Holding B.V.(2)(3) | Revolver |  | 65 |
| Marmoutier Holding B.V.(2)(3) | Term Loan | 66 |  |
| MB Purchaser, LLC | Delayed Draw Term Loan | 99 | 773 |
| MB Purchaser, LLC | Revolver | 309 | 309 |
| MC Group Ventures Corporation(2) | Delayed Draw Term Loan | 5098 | 5098 |
| Media Recovery, Inc. (SpotSee) | Revolver | 391 | 635 |
| Media Recovery, Inc. (SpotSee)(4) | Revolver | 812 | 742 |
| Megawatt Acquisitionco, Inc.(2) | Revolver | 492 | 475 |
| Mercell Holding AS(2)(8) | Capex / Acquisition Facility | 776 | 691 |
| Modern Star Holdings Bidco Pty Limited(2)(5) | Term Loan | 936 | 884 |
| Momentum Textiles, LLC | Revolver | 923 |  |
| Moonlight Bidco Limited(4) | Delayed Draw Term Loan | 604 | 552 |
| MSI Express Inc. | Delayed Draw Term Loan | 1429 |  |
| MSI Express Inc. | Revolver | 1885 |  |
| Narda Acquisitionco., Inc. | Revolver |  | 1311 |
| NAW Buyer LLC | Delayed Draw Term Loan | 5729 | 5729 |
| NAW Buyer LLC | Revolver | 1894 | 1894 |
| Next Holdco, LLC | Delayed Draw Term Loan | 1891 | 1891 |
| Next Holdco, LLC | Revolver | 733 | 733 |
| NF Holdco, LLC(2) | Revolver | 630 | 829 |
| Northstar Recycling, LLC | Delayed Draw Term Loan | 4295 | 4295 |
| Northstar Recycling, LLC | Revolver | 3527 | 3527 |
| NPM Investments 28 B.V.(3) | Delayed Draw Term Loan | 509 | 449 |
| OA Buyer, Inc. | Revolver |  | 1331 |
| OAC Holdings I Corp | Revolver | 646 | 1370 |
| OSP Hamilton Purchaser, LLC | Delayed Draw Term Loan | 2857 | 4276 |
| OSP Hamilton Purchaser, LLC | Revolver | 444 | 666 |
| Owl Intermediate Holdings, LLC(2) | Delayed Draw Term Loan | 715 |  |
| Owl Intermediate Holdings, LLC(2) | Revolver | 1839 |  |
| Parkview Dental Holdings LLC(2) | Delayed Draw Term Loan |  | 328 |
| PDQ.Com Corporation(2) | Delayed Draw Term Loan | 4994 | 5226 |
| Polara Enterprises, L.L.C. | Revolver | 720 | 545 |
| PowerGEM Buyer, Inc.(2) | Delayed Draw Term Loan | 2735 | 4946 |
| PowerGEM Buyer, Inc.(2) | Revolver | 2579 | 2579 |
| Premium Invest(3) | Capex / Acquisition Facility | 1819 | 1605 |
| Process Insights Acquisition, Inc.(2) | Delayed Draw Term Loan | 468 | 935 |
| Process Insights Acquisition, Inc.(2) | Revolver | 437 | 104 |
| ProfitOptics, LLC(2) | Revolver | 306 | 242 |
| Pro-Vision Solutions Holdings, LLC | Revolver | 1828 | 2077 |
| PSP Intermediate 4, LLC(2)(3) | Delayed Draw Term Loan |  | 193 |

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------

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| Qualified Industries, LLC | Revolver | 242 | 242 |
| R1 Holdings, LLC | Revolver | 219 | 1601 |
| Randys Holdings, Inc. | Delayed Draw Term Loan | 1307 | 2399 |
| Randys Holdings, Inc. | Revolver | 719 | 1231 |
| Rapid Buyer LLC(2) | Delayed Draw Term Loan | 2956 | 2956 |
| Rapid Buyer LLC(2) | Revolver | 1478 | 1478 |
| Real Chemistry Intermediate III, Inc.(2) | Delayed Draw Term Loan | 3887 |  |
| Real Chemistry Intermediate III, Inc.(2) | Revolver | 2366 |  |
| RKD Group, LLC(2) | Delayed Draw Term Loan | 1645 |  |
| RKD Group, LLC(2) | Revolver | 1135 |  |
| Rocade Holdings LLC(2) | Preferred Equity | 14000 | 14000 |
| Rock Labor LLC(2) | Revolver | 1103 | 1103 |
| ROI Solutions LLC | Delayed Draw Term Loan | 3506 | 3506 |
| ROI Solutions LLC | Revolver | 3138 | 3138 |
| Royal Buyer, LLC | Revolver | 1631 | 1748 |
| RPX Corporation | Revolver | 3024 | 3024 |
| Ruffalo Noel Levitz, LLC(2) | Revolver | 288 |  |
| Saab Purchaser, Inc. | Delayed Draw Term Loan | 4787 | 4787 |
| Saab Purchaser, Inc. | Revolver | 1862 | 2394 |
| Sanoptis S.A.R.L.(3) | Term Loan | 2785 | 2456 |
| Sansidor BV(3) | Capex / Acquisition Facility | 121 | 396 |
| SBP Holdings LP | Delayed Draw Term Loan | 7905 | 7905 |
| SBP Holdings LP | Revolver | 3250 | 3250 |
| Scout Bidco B.V.(2)(3) | Revolver | 680 | 999 |
| SCP Medical Products, LLC. | Revolver | 426 |  |
| Screenvision, LLC(2) | Revolver | 613 |  |
| Security Holdings B.V.(2)(3) | Revolver | 822 | 1916 |
| Sinari Invest(3) | Delayed Draw Term Loan | 509 | 449 |
| SISU ACQUISITIONCO., INC.(2) | Delayed Draw Term Loan |  | 503 |
| Skyvault Holdings LLC(2) | Delayed Draw Term Loan | 6611 | 15164 |
| Smartling, Inc. | Revolver | 1176 | 1176 |
| SmartShift Group, Inc. | Revolver | 1651 | 1651 |
| Solo Buyer, L.P.(2) | Revolver | 1197 | 1463 |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Delayed Draw Term Loan |  | 232 |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver | 156 | 156 |
| SPATCO Energy Solutions, LLC(2) | Delayed Draw Term Loan | 1359 | 1453 |
| SPATCO Energy Solutions, LLC(2) | Revolver | 1188 | 1188 |
| Spatial Business Systems LLC | Revolver | 1406 | 1406 |
| SSCP Pegasus Midco Limited(4) | Delayed Draw Term Loan | 541 | 2226 |
| Superjet Buyer, LLC(2) | Delayed Draw Term Loan | 3792 | 4085 |
| Superjet Buyer, LLC(2) | Revolver | 2432 | 2432 |
| SVI International LLC | Delayed Draw Term Loan | 17 | 74 |
| SVI International LLC | Revolver | 35 | 74 |
| Swoop Intermediate III, Inc.(2) | Delayed Draw Term Loan | 5455 |  |
| Swoop Intermediate III, Inc.(2) | Revolver | 1818 |  |
| Tank Holding Corp(2) | Delayed Draw Term Loan |  | 139 |
| Tank Holding Corp(2) | Revolver | 873 | 873 |

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | **June 30, 2025** | **December 31, 2024** |
| Tanqueray Bidco Limited(4) | Capex / Acquisition Facility | 1239 | 1133 |
| TAPCO Buyer LLC | Delayed Draw Term Loan | 8016 | 8016 |
| TAPCO Buyer LLC | Revolver | 2915 | 2915 |
| Technology Service Stream BidCo Pty Ltd(2)(5) | Delayed Draw Term Loan | 166 | 233 |
| Techone B.V.(3) | Revolver | 558 | 492 |
| Tencarva Machinery Company, LLC(2) | Delayed Draw Term Loan | 8486 |  |
| Tencarva Machinery Company, LLC(2) | Revolver | 2103 | 1470 |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2) | Delayed Draw Term Loan | 8811 |  |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2) | Revolver | 2261 | 827 |
| THG Acquisition, LLC | Delayed Draw Term Loan | 2226 | 2299 |
| THG Acquisition, LLC | Revolver | 1401 | 1401 |
| Trintech, Inc. | Revolver | 383 | 383 |
| TSYL Corporate Buyer, Inc. | Delayed Draw Term Loan | 10359 | 11751 |
| TSYL Corporate Buyer, Inc. | Revolver | 443 | 443 |
| UBC Ledgers Holding AB(9) | Delayed Draw Term Loan | 113 | 234 |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 8665 | 13247 |
| UHY Advisors, Inc. | Revolver | 3506 | 3507 |
| Union Bidco Limited(4) | Capex / Acquisition Facility | 6 | 66 |
| United Therapy Holding III GmbH(2)(3) | Capex / Acquisition Facility | 726 | 641 |
| Unither (Uniholding)(3) | Delayed Draw Term Loan | 509 | 449 |
| Unosquare, LLC | Delayed Draw Term Loan | 2806 |  |
| Unosquare, LLC | Revolver | 1361 |  |
| WEST-NR ACQUISITIONCO, LLC | Delayed Draw Term Loan | 13978 | 14420 |
| Whitcraft Holdings, Inc.(2) | Delayed Draw Term Loan | 1708 | 2912 |
| Whitcraft Holdings, Inc.(2) | Revolver | 1534 | 893 |
| White Bidco Limited | Delayed Draw Term Loan | 514 | 515 |
| Woodland Foods, LLC(2) | Delayed Draw Term Loan | 1559 |  |
| Woodland Foods, LLC(2) | Line of Credit | 2246 | 1177 |
| World 50, Inc. | Revolver | 973 | 973 |
| WWEC Holdings III Corp | Revolver | 2484 | 2484 |
| ZB Holdco LLC(2) | Delayed Draw Term Loan | 3171 |  |
| ZB Holdco LLC(2) | Revolver | 1091 | 338 |
| Total unused commitments to extend financing |  | $456447 | $388772 |

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&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

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In the normal course of business, we guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both June 30, 2025 and December 31, 2024, we had guaranteed €9.9 million ($11.6 million U.S. dollars and $10.3 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh, or MVC Auto, that mature in December 2025. We would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on our Unaudited and Audited Consolidated Balance Sheets. As such, the credit facility liabilities are considered in the valuation of our investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

**Item 3. *Quantitative and Qualitative Disclosures About Market Risk.***

We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The fair value of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.

In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including EURIBOR, BBSY, STIBOR, CORRA, 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. We currently, and may in the future, hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

Following a campaign by the U.S. Federal Reserve of raising interest rates to address significant and persistent inflation in order to slow economic growth and reduce price pressure, in September 2024 and December 2024, the U.S. Federal Reserve announced benchmark rate cuts. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.

As of June 30, 2025, approximately $2,054.1 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of June 30, 2025, approximately $847.3 million (principal amount) of our borrowings bore interest at variable rates (approximately 53.9% of our total borrowings as of June 30, 2025) under the February 2019 Credit Facility and the February 2029 Notes. See "Note 5. Borrowings" to our Unaudited Consolidated Financial Statements for information about the variable interest rates and spreads applicable to borrowings under the February 2019 Credit Facility and the February 2029 Notes.

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Based on our June 30, 2025 Unaudited Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

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| | | | |
|:---|:---|:---|:---|
| **(in thousands)**<br>**Basis Point Change**<sup>(1)</sup> | **Interest Income** | **Interest Expense** | **Net Income**<sup>(2)</sup> |
| Up 300 basis points | $61624 | $25419 | $36205 |
| Up 200 basis points | 41083 | 16946 | 24137 |
| Up 100 basis points | 20541 | 8473 | 12068 |
| Down 25 basis points | (5135) | (2118) | (3017) |
| Down 50 basis points | (10271) | (4237) | (6034) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes the impact of foreign currency exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Excludes the impact of income based fees. See "Note 2. Agreements and Related Party Transactions" to our Unaudited Consolidated Financial Statements for more information on the income based fees.

We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the February 2019 Credit Facility to finance such investments. As of June 30, 2025, we had U.S. dollar borrowings of $342.5 million outstanding under the February 2019 Credit Facility with an interest rate of 6.286% (one month SOFR of 4.311%), borrowings denominated in British pounds sterling of £49.6 million ($67.9 million U.S. dollars) with an interest rate of 6.119% (one month SONIA of 4.211%) and borrowings denominated in Euros of €116.6 million ($136.9 million U.S. dollars) with an interest rate of 3.875% (one month EURIBOR of 2.000%).

**Item 4. *Controls and Procedures.***

***Evaluation of Disclosure Controls and Procedures***

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2025. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

***Changes in Internal Control Over Financial Reporting***

There were no changes in our internal control over financial reporting during the second quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II – OTHER INFORMATION**

**Item 1. *Legal Proceedings.***

Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

**Item 1A. *Risk Factors.***

You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to transact in our securities. The risks and uncertainties referenced herein are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

There have been no material changes during the three months ended June 30, 2025 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, which you should carefully consider before transacting in our securities. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the market price of our securities could decline, and you may lose all or part of your investment.

**Item 2. *Unregistered Sales of Equity Securities and Use of Proceeds.***

*Sales of Unregistered Securities*

None.

*Issuer Purchases of Equity Securities*

During the three months ended June 30, 2025, in connection with our DRIP for our common stockholders, we directed the plan administrator to purchase 72,596 shares of our common stock for an aggregate of $659,881 in the open market in order to satisfy our obligations to deliver shares of common stock to our stockholders with respect to our dividend declared on May 8, 2025.

On February 20, 2025, the Board authorized a new 12-month Share Repurchase Program. Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on March 1, 2025, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2026, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended June 30, 2025, we repurchased a total of 100,000 shares of our common stock in the open market under the Share Repurchase Program at an average price of $8.88 per share, including brokerage commissions.

------

The following chart summarizes repurchases of our common stock for the three months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period** | **Total number of shares purchased** | | **Average price paid per share** | **Total number of<br>shares purchased<br>as part of publicly<br>announced plans<br>or programs** | **Approximate dollar value of shares that <br>may yet be<br>purchased under the plans or programs(2)** |
| April 1 through April 30, 2025 |  |  | $— |  | $28549 |
| May 1 through May 31, 2025 |  |  |  |  | 28549 |
| June 1 through June 30, 2025 | 172596 | (1) | 8.97 | 100000 | 27661 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) &nbsp;&nbsp;&nbsp;&nbsp;Includes 72,596 shares purchased in the open market pursuant to the terms of our dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;In thousands.

**Item 3. *Defaults Upon Senior Securities.***

None.

**Item 4. *Mine Safety Disclosures.***

Not applicable.

**Item 5. *Other Information.***

***Rule 10b5-1 Trading Plans***

During the fiscal quarter ended June 30, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

------

**Item 6. *Exhibits.***

---

| | |
|:---|:---|
| **<u>Number</u>** | **<u>Exhibit</u>** |
| 3.1 | [Articles of Amendment and Restatement of the Registrant (Filed as Exhibit (a)(3) to the Registrant](https://www.sec.gov/Archives/edgar/data/1379785/000095014406011931/g03667a1exv99wxayx3y.htm)['](https://www.sec.gov/Archives/edgar/data/1379785/000095014406011931/g03667a1exv99wxayx3y.htm)[s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-138418) filed with the Securities and Exchange Commission on December 29, 2006 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1379785/000095014406011931/g03667a1exv99wxayx3y.htm) |
| 3.2 | [Articles of Amendment of the Registrant (Filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1379785/000137978518000067/exhibit31articlesofamendme.htm) |
| 3.3 | [Seventh Amended and Restated Bylaws of the Registrant (Filed as Exhibit 3.3 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1379785/000137978518000067/exhibit33seventhamendedand.htm) |
| 3.4 | [Articles Supplementary (Filed as Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1379785/000137978518000067/exhibit32articlesofsupplem.htm) |
| 10.1 | [Termination and Cancellation Agreement (Filed as Exhibit 10.1 to the Registrant's Quarterly Report on Form](https://www.sec.gov/Archives/edgar/data/1379785/000137978525000027/exhibit101-terminationandc.htm)<br>[10-Q filed with the Securities and Exchange Commission on May 8, 2025).](https://www.sec.gov/Archives/edgar/data/1379785/000137978525000027/exhibit101-terminationandc.htm) |
| 31.1 | [Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](bbdc-6302025xq1ex311.htm)\* |
| 31.2 | [Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](bbdc-6302025xq1ex312.htm)\* |
| 32.1 | [Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*\*](bbdc-6302025xq1ex321.htm)\* |
| 32.2 | [Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*\*](bbdc-6302025xq1ex322.htm)\* |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.\*\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\*\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\*\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\*\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\*\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\*\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)\*\* |

---

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Filed Herewith.

\*\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished Herewith.

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| | | **BARINGS BDC, INC.** |
| Date: | August 7, 2025 | /s/&nbsp;&nbsp;&nbsp;&nbsp;Eric Lloyd |
|  |  | Eric Lloyd |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | August 7, 2025 | /s/&nbsp;&nbsp;&nbsp;&nbsp;Elizabeth A. Murray |
|  |  | Elizabeth A. Murray |
|  |  | Chief Financial Officer and |
|  |  | Chief Operating Officer |
|  |  | (Principal Financial Officer) |
| Date: | August 7, 2025 | /s/&nbsp;&nbsp;&nbsp;&nbsp;Rosa J. Epperson |
|  |  | Rosa J. Epperson |
|  |  | Chief Accounting Officer |
|  |  | (Principal Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer of Barings BDC, Inc.**

**pursuant to Rule 13a-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Eric Lloyd, as Chief Executive Officer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Barings BDC, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ ERIC LLOYD |
| Eric Lloyd |
| Chief Executive Officer |
| August 7, 2025 |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer of Barings BDC, Inc.**

**pursuant to Rule 13a-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Elizabeth A. Murray, as Chief Financial Officer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Barings BDC, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ ELIZABETH A. MURRAY |
| Elizabeth A. Murray |
| Chief Financial Officer |
| August 7, 2025 |

---

## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Barings BDC, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Eric Lloyd, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ ERIC LLOYD |
| Eric Lloyd |
| Chief Executive Officer |
| August 7, 2025 |

---

## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Barings BDC, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Elizabeth A. Murray, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ ELIZABETH A. MURRAY |
| Elizabeth A. Murray |
| Chief Financial Officer |
| August 7, 2025 |

---

<br>