What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2020-08-05 compared with 2020-04-30 · 1196 added, 1125 removed, 1167 unchanged (67% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

March 31, 2020

2020 December 31, 2019

Investments at fair value:

Non-Control / Non-Affiliate investments (cost of $1,101,299,662 and $1,085,866,720 as of March 31, 2020 and December 31, 2019, respectively)

1,066,845,054

Affiliate investments (cost of $10,158,270 and $10,158,270 as of March 31, 2020 and December 31, 2019, respectively)

Short-term investments (cost of $100,459,806 and $96,568,940 as of March 31, 2020 and December 31, 2019, respectively)

Non-Control / Non-Affiliate investments (cost of $1,033,046,789 and $1,085,866,720 as of June 30, 2020 and December 31, 2019, respectively) $ 960,061,063 $ 1,066,845,054

Affiliate investments (cost of $16,658,270 and $10,158,270 as of June 30, 2020 and December 31, 2019, respectively) 15,933,845 10,229,813

Short-term investments (cost of $58,046,476 and $96,568,940 as of June 30, 2020 and December 31, 2019, respectively) 58,046,124 96,568,940

Total investments at fair value 1,034,041,032 1,173,643,807

1,071,753,340

1,173,643,807

Cash 18,453,504 21,991,565

Interest and fees receivable 6,493,056 5,265,980

2 unchanged sentences

Receivable from unsettled transactions 575,630 45,254,808

1,096,942,967

1,252,634,838

Total assets $ 1,065,126,369 $ 1,252,634,838

Accounts payable and accrued liabilities $ 1,213,146 $ 1,524,830

Interest payable 1,306,052 2,491,534

Administrative fees payable 200,000 400,000

Base management fees payable 3,616,787 3,266,722

Payable from unsettled transactions — 4,924,150

3 unchanged sentences

Commitments and contingencies (Note 7)

Common stock, $0.001 par value per share (150,000,000 shares authorized, 48,288,822 and 48,950,803 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively)

Common stock, $0.001 par value per share (150,000,000 shares authorized, 47,961,753 and 48,950,803 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively) 47,962 48,951

Additional paid-in capital 846,636,727 853,766,370

2 unchanged sentences

Total liabilities and net assets $ 1,065,126,369 $ 1,252,634,838

1,096,942,967

1,252,634,838

Net asset value per share $ 10.23 $ 11.66

2 unchanged sentences

Unaudited Consolidated Statements of Operations

Ended Three Months

Ended Six Months Ended Six Months Ended

2020 June 30,

2019 June 30,

2020 June 30,

Investment income:

3 unchanged sentences

Total interest income 15,295,679 19,074,824 32,970,081 37,108,838

Dividend income:

Non-Control / Non-Affiliate investments 2,603 4,711 2,603 4,711

Total dividend income 2,603 4,711 2,603 4,711

Fee and other income:

14 unchanged sentences

Realized and unrealized gains (losses) on investments and foreign currency transactions:

Net realized losses:

Net realized gains (losses):

Non-Control / Non-Affiliate investments (16,597,865) 50,024 (16,755,844) (79,751)

Net realized losses on investments

Net realized gains (losses) on investments (16,597,865) 50,024 (16,755,844) (79,751)

Foreign currency transactions 82,868 — (61,525) —

Net realized losses

Net realized gains (losses) (16,514,997) 50,024 (16,817,369) (79,751)

Net unrealized appreciation (depreciation):

6 unchanged sentences

Loss on extinguishment of debt (306,202) (85,356) (443,592) (129,751)

Provision for taxes

Benefit from (provision for) taxes (2,532) 17,493 17,467 (499)

Net increase (decrease) in net assets resulting from operations $ 54,748,708 $ 9,247,050 $ (57,773,039) $ 42,409,363

7 unchanged sentences

Unaudited Consolidated Statements of Changes in Net Assets

Total Distributable Earnings (Loss)

Common Stock Additional

Capital Total Distributable Earnings (Loss) Total

Three Months Ended June 30, 2019 Number

of Shares Par

Balance, March 31, 2019 50,690,659 $ 50,691 $ 879,033,345 $ (294,922,722) $ 584,161,314

Net investment income — — — 7,412,882 7,412,882

Net realized gain on investments / foreign currency transactions — — — 50,024 50,024

Net unrealized appreciation of investments / foreign currency transactions — — — 1,852,007 1,852,007

Loss on extinguishment of debt — — — (85,356) (85,356)

Income tax benefit — — — 17,493 17,493

Dividends / distributions — — — (6,540,856) (6,540,856)

Purchases of shares in repurchase plan (376,384) (377) (3,787,426) — (3,787,803)

Balance, June 30, 2019 50,314,275 $ 50,314 $ 875,245,919 $ (292,216,528) $ 583,079,705

Common Stock Additional

Capital Total Distributable Earnings (Loss) Total

Three Months Ended June 30, 2020 Number

of Shares Par

Balance, March 31, 2020 48,288,822 $ 48,289 $ 848,982,942 $ (403,286,323) $ 445,744,908

Net investment income — — — 6,529,129 6,529,129

Net realized loss on investments / foreign currency transactions — — — (16,514,997) (16,514,997)

Net unrealized appreciation of investments / foreign currency transactions — — — 65,043,310 65,043,310

Loss on extinguishment of debt — — — (306,202) (306,202)

Provision for taxes — — — (2,532) (2,532)

Dividends / distributions — — — (7,673,880) (7,673,880)

Purchases of shares in repurchase plan (327,069) (327) (2,346,215) — (2,346,542)

Balance, June 30, 2020 47,961,753 $ 47,962 $ 846,636,727 $ (356,211,495) $ 490,473,194

See accompanying notes.

Barings BDC, Inc.

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

Common Stock Additional

Capital Total Distributable Earnings (Loss) Total

Six Months Ended June 30, 2019 Number

of Shares Par

Balance, December 31, 2018 51,284,064 $ 51,284 $ 884,894,249 $ (321,978,246) $ 562,967,287

6 unchanged sentences

Purchases of shares in repurchase plan (969,789) (970) (9,648,330) — (9,649,300)

Balance, March 31, 2019

Total Distributable Earnings (Loss)

Balance, June 30, 2019 50,314,275 $ 50,314 $ 875,245,919 $ (292,216,528) $ 583,079,705

Common Stock Additional

Capital Total Distributable Earnings (Loss) Total

Six Months Ended June 30, 2020 Number

of Shares Par

Balance, December 31, 2019 48,950,803 $ 48,951 $ 853,766,370 $ (282,940,612) $ 570,874,709

3 unchanged sentences

Loss on extinguishment of debt — — — (443,592) (443,592)

Income tax benefit — — — 17,467 17,467

Dividends / distributions — — — (15,497,844) (15,497,844)

Purchases of shares in repurchase plan (989,050) (989) (7,129,643) — (7,130,632)

Balance, March 31, 2020

Balance, June 30, 2020 47,961,753 $ 47,962 $ 846,636,727 $ (356,211,495) $ 490,473,194

See accompanying notes.

1 unchanged sentence

Unaudited Consolidated Statements of Cash Flows

Three Months Ended

March 31, 2020

March 31, 2019

Six Months Ended Six Months Ended

June 30, 2020 June 30, 2019

Cash flows from operating activities:

7 unchanged sentences

Net realized loss on investments 16,755,844 79,751

Net realized gain on foreign currency transactions

Net realized loss on foreign currency transactions 61,525 —

Net unrealized (appreciation) depreciation of investments 54,740,381 (27,249,195)

14 unchanged sentences

Repayments of credit facilities (117,200,000) (404,500,000)

Proceeds from debt securitization — 348,250,000

Repayment of debt securitization (91,790,053) —

3 unchanged sentences

Net cash provided by (used in) financing activities (123,494,533) 33,206,364

Net decrease in cash

Net increase (decrease) in cash (3,538,061) 499,620

Cash, beginning of period 21,991,565 12,426,982

5 unchanged sentences

Unaudited Consolidated Schedule of Investments

March 31, 2020

Portfolio Company

Type of Investment (1) (2)

June 30, 2020

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Non–Control / Non–Affiliate Investments:

1 unchanged sentence

(4.3%)* (5) (7) (8)

IT Consulting & Other Services

First Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.9% Cash, Acquired 07/19, Due 07/25)

IT Consulting & Other Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 07/19, Due 07/25) $ 858,894 $ 844,035 $ 816,626

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.0% Cash, Acquired 07/19, Due 07/25) 21,472,356 21,099,121 20,415,644

24 Hour Fitness Worldwide, Inc.

22,331,250 21,943,156 21,232,270

Leisure Facilities

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.0% Cash, Acquired 08/18, Due 05/25)

Accelerate Learning, Inc.

(1.4%)* (5) (7) (8)

Education Services

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.6% Cash, Acquired 12/18, Due 12/24)

Education Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.6% Cash, Acquired 12/18, Due 12/24) 7,567,965 7,449,704 6,933,342

7,567,965 7,449,704 6,933,342

Accurus Aerospace Corporation (4.3%)* (5) (7) (8)

Aerospace & Defense

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.9% Cash, Acquired 10/18, Due 10/24)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 10/18, Due 10/24) 24,625,000 24,346,233 21,198,156

24,625,000 24,346,233 21,198,156

Acrisure, LLC (0.4%)* (5) (8)

Property & Casualty Insurance

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.2% Cash, Acquired 03/20, Due 01/27)

ADE Holding (1.6%)* (3) (5) (7)

Education Services

First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 01/20, Due 01/27)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.2% Cash, Acquired 08/18, Due 04/25)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 3.5%, 3.7% Cash, Acquired 03/20, Due 02/27) 1,995,000 1,709,898 1,880,288

1,995,000 1,709,898 1,880,288

ADE Holding (d/b/a AD Education) (1.8%)* (3) (5) (7) (8)

Education Services First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 01/20, Due 01/27) 9,581,593 9,163,988 8,755,838

9,581,593 9,163,988 8,755,838

(0.6%)* (6) (8)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 2.75%, 2.9% Cash, Acquired 08/18, Due 04/25) 3,430,482 3,440,286 3,180,709

3,430,482 3,440,286 3,180,709

Aftermath Bidco Corporation (2.4%)* (5) (7) (8)

Professional Services

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.6% Cash, Acquired 04/19, Due 04/25)

AlixPartners LLP (1.1%)* (6)

Investment Banking & Brokerage

First Lien Senior Secured Term Loan (LIBOR + 2.5%, 3.5% Cash, Acquired 09/18, Due 04/24)

Professional Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.1% Cash, Acquired 04/19, Due 04/25) 12,197,427 11,969,619 11,603,465

12,197,427 11,969,619 11,603,465

Alliant Holdings LP (0.9%)* (6) (8)

Property & Casualty Insurance

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 09/18, Due 05/25)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 2.75%, 2.9% Cash, Acquired 09/18, Due 05/25) 4,910,038 4,916,270 4,643,373

4,910,038 4,916,270 4,643,373

Altice USA, Inc.

(0.5%)* (3) (5) (8)

Cable & Satellite

First Lien Senior Secured Term Loan (LIBOR + 2.25%, 2.9% Cash, Acquired 09/18, Due 01/26)

Cable & Satellite First Lien Senior Secured Term Loan (LIBOR + 2.25%, 2.4% Cash, Acquired 09/18, Due 01/26) 2,493,687 2,206,701 2,354,315

2,493,687 2,206,701 2,354,315

American Dental Partners, Inc.

(1.8%)* (5) (7) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.6% Cash, Acquired 11/18, Due 03/23)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 11/18, Due 03/23) 9,850,000 9,833,760 8,983,941

9,850,000 9,833,760 8,983,941

American Scaffold, Inc.

(1.9%)* (5) (7) (8)

Aerospace & Defense

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.9% Cash, Acquired 09/19, Due 09/25)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/19, Due 09/25) 9,735,797 9,541,502 9,245,360

9,735,797 9,541,502 9,245,360

Anchorage Capital CLO Ltd:

Series 2013-1A (0.4%)* (3) (5) (8)

Structured Finance

Structured Secured Note - Class DR (LIBOR + 6.80%, 8.6% Cash, Acquired 03/20, Due 10/30)

Structured Finance Structured Secured Note - Class DR (LIBOR + 6.8%, 8.1% Cash, Acquired 03/20, Due 10/30) 2,000,000 1,734,878 1,861,922

2,000,000 1,734,878 1,861,922

Anju Software, Inc.

(2.6%)* (5) (7) (8)

Application Software

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.0% Cash, Acquired 02/19, Due 02/25)

Application Software First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.6% Cash, Acquired 02/19, Due 02/25) 13,735,856 13,449,096 12,947,157

13,735,856 13,449,096 12,947,157

Apex Bidco Limited (1.1%)* (3) (5) (7)

Business Equipment & Services

First Lien Senior Secured Term Loan (GBP LIBOR + 6.50%, 7.2% Cash, Acquired 01/20, Due 01/27)

Business Equipment & Services First Lien Senior Secured Term Loan (GBP LIBOR + 6.50%, 7.2% Cash, Acquired 01/20, Due 01/27) (8)

5,181,990 5,344,752 4,868,108

Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27) 621,838 641,273 584,714

5,803,828 5,986,025 5,452,822

Apex Tool Group, LLC (1.3%)* (5) (6) (8)

Industrial Machinery

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.8% Cash, Acquired 08/18, Due 08/24)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2020

Portfolio Company

Type of Investment (1) (2)

Apollo Aviation:

Series 2018-2 (0.1%)* (5)

Structured Finance

Structured Secured Note - Class A (4.5% Cash, Acquired 03/20, Due 11/38)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.5% Cash, Acquired 08/18, Due 08/24) 7,054,987 6,937,646 6,292,625

7,054,987 6,937,646 6,292,625

Applied Systems Inc.

Application Software

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 09/19, Due 09/24)

(1.0%)* (6) (8)

Application Software First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 09/19, Due 09/24) 4,937,940 4,965,194 4,791,481

4,937,940 4,965,194 4,791,481

AQA Acquisition Holding, Inc.

(f/k/a SmartBear) (1.0%)* (5) (7) (8)

High Tech Industries

Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 9.9% Cash, Acquired 10/18, Due 05/24)

High Tech Industries Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 9.5% Cash, Acquired 10/18, Due 05/24) 4,959,088 4,867,502 4,766,877

4,959,088 4,867,502 4,766,877

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2020

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Arch Global Precision LLC (2.2%)* (5) (7) (8)

Industrial Machinery

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 04/26)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 04/26) $ 11,558,622 $ 11,342,687 $ 10,684,104

11,558,622 11,342,687 10,684,104

Armstrong Transport Group (Pele Buyer, LLC ) (0.9%)* (5) (7) (8)

Air Freight & Logistics

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.7% Cash, Acquired 06/19, Due 06/24)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24) 4,667,670 4,580,193 4,405,835

4,667,670 4,580,193 4,405,835

Ascend Learning, LLC (1.0%)* (6) (8)

IT Consulting & Other Services

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 09/18, Due 07/24)

IT Consulting & Other Services First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 09/18, Due 07/24) 4,936,548 4,944,790 4,686,660

4,936,548 4,944,790 4,686,660

Ascensus Specialties, LLC

(1.4%)* (5) (7) (8)

Specialty Chemicals

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.3% Cash, Acquired 09/19, Due 09/26)

Specialty Chemicals First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 09/19, Due 09/26) 7,054,852 6,990,567 6,625,013

7,054,852 6,990,567 6,625,013

ASPEQ Heating Group LLC (1.8%)* (5) (7) (8)

Building Products, Air and Heating

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25)

Building Products, Air and Heating First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25) 8,990,679 8,868,005 8,613,002

8,990,679 8,868,005 8,613,002

Auxi International (0.3%)* (3) (5) (7) (8)

Commercial Finance

First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/19, Due 12/26)

Avantor, Inc.

Commercial Finance First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/19, Due 12/26) 1,572,410 1,512,116 1,481,336

1,572,410 1,512,116 1,481,336

Health Care Equipment

First Lien Senior Secured Term Loan (LIBOR + 2.25%, 3.3% Cash, Acquired 08/18, Due 11/24)

Aveanna Healthcare Holdings, Inc.

Health Care Facilities

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 03/24)

(0.9%)* (6) (8)

Health Care Facilities First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 03/24) 1,465,984 1,451,877 1,292,514

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 10/18, Due 03/24) 3,511,966 3,512,767 3,109,565

4,977,950 4,964,644 4,402,079

AVSC Holding Corp.

(0.7%)* (6) (8)

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.9% Cash, Acquired 08/18, Due 03/25)

Advertising First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.25% Cash, Acquired 08/18, Due 03/25) 4,917,072 4,894,839 3,515,706

4,917,072 4,894,839 3,515,706

Bass Pro Group, LLC (0.4%)* (5) (8)

General Merchandise Stores

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/20, Due 09/24)

Bausch Health Companies Inc.

General Merchandise Stores First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.1% Cash, Acquired 03/20, Due 09/24) 1,989,770 1,782,295 1,909,463

1,989,770 1,782,295 1,909,463

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.6% Cash, Acquired 08/18, Due 05/25)

BDP International, Inc.

(f/k/a BDP Buyer, LLC) (4.8%)* (5) (7) (8)

Air Freight & Logistics

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.2% Cash, Acquired 12/18, Due 12/24)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24) 24,625,000 24,239,939 23,504,409

24,625,000 24,239,939 23,504,409

Beacon Pointe Advisors, LLC (0.1%)* (5) (7) (8)

Asset Manager & Custody Bank

First Lien Senior Secured Term Loan (Prime + 4.0%, 7.3% Cash, Acquired 03/20, Due 03/26)

Asset Manager & Custody Bank First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.4% Cash, Acquired 03/20, Due 03/26) 634,773 613,132 612,386

634,773 613,132 612,386

Benify (Bennevis AB)

High Tech Industries

First Lien Senior Secured Term Loan (STIBOR + 5.75%, 6.1% Cash, Acquired 07/19, Due 07/26)

(0.3%)* (3) (5) (7) (8)

High Tech Industries First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26) 1,400,672 1,365,178 1,335,227

1,400,672 1,365,178 1,335,227

Berlin Packaging LLC (1.0%)* (6) (8)

Forest Products /Containers

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.6% Cash, Acquired 08/18, Due 11/25)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2020

Portfolio Company

Type of Investment (1) (2)

Forest Products /Containers First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.2% Cash, Acquired 08/18, Due 11/25) 4,937,028 4,946,645 4,665,491

4,937,028 4,946,645 4,665,491

Blackhawk Network Holdings Inc.

Data Processing & Outsourced Services

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 11/18, Due 06/25)

(0.9%)* (6) (8)

Data Processing & Outsourced Services First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.2% Cash, Acquired 11/18, Due 06/25) 4,937,028 4,937,028 4,533,821

4,937,028 4,937,028 4,533,821

Boxer Parent Company Inc.

Software/Services

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.2% Cash, Acquired 03/20, Due 10/25)

(0.4%)* (5) (8)

Software/Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 4.4% Cash, Acquired 03/20, Due 10/25) 1,989,899 1,797,528 1,877,967

1,989,899 1,797,528 1,877,967

Brown Machine Group Holdings, LLC (1.0%)* (5) (7) (8)

Industrial Equipment

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.7% Cash, Acquired 10/18, Due 10/24)

Industrial Equipment First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24) 5,286,022 5,236,738 4,867,702

5,286,022 5,236,738 4,867,702

Cadent, LLC (f/k/a Cross MediaWorks) (1.5%)* (5) (7) (8)

Media & Entertainment

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.7% Cash, Acquired 09/18, Due 09/23)

Media & Entertainment First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/18, Due 09/23) 7,798,384 7,747,419 7,454,420

7,798,384 7,747,419 7,454,420

Carlyle Aviation Partners Ltd.

Series 2019-2 (0.2%)* (5)

Structured Finance

Structured Secured Note - Class A (3.4% Cash, Acquired 3/20, Due 10/39)

Structured Finance Structured Secured Note, Series 2019-2 - Class A (3.4% Cash, Acquired 3/20, Due 10/39) 948,595 858,707 855,977

Structured Secured Note, Series 2018-2 - Class A (4.5% Cash, Acquired 03/20, Due 11/38) 434,772 393,648 387,701

1,383,367 1,252,355 1,243,678

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2020

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Centralis Finco S.a.r.l.

(0.4%)* (3) (5) (7) (8)

Diversified Financial Services First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 5/20, Due 5/27) $ 2,006,413 $ 1,838,968 $ 1,961,000

2,006,413 1,838,968 1,961,000

Cineworld Group PLC (0.5%)* (3) (5) (8)

Leisure Products First Lien Senior Secured Term Loan (LIBOR + 2.25%, 3.3% Cash, Acquired 4/20, Due 2/25) 2,990,793 1,954,589 2,238,878

2,990,793 1,954,589 2,238,878

Classic Collision (Summit Buyer, LLC) (0.6%)* (5) (7) (8)

Auto Collision Repair Centers

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 01/20, Due 01/26)

Auto Collision Repair Centers First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 01/20, Due 01/26) 3,921,456 3,630,038 3,145,392

3,921,456 3,630,038 3,145,392

CM Acquisitions Holdings Inc.

2 unchanged sentences

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 05/19, Due 05/25) 20,434,481 20,115,062 19,398,331

CMT Opco Holding, LLC (1.3%)* (5) (7)

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.8% Cash, Acquired 01/20, Due 01/25)

20,434,481 20,115,062 19,398,331

CMT Opco Holding, LLC (Concept Machine) (1.1%)* (5) (7) (8)

Distributors First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25) 5,450,744 5,349,552 5,007,434

LLC Units (10,185 units, Acquired 01/20) 407,915 299,118

5,450,744 5,757,467 5,306,552

Confie Seguros Holding II Co.

Insurance Brokerage Services

Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 10.1% Cash, Acquired 10/19, Due 11/25)

(0.3%)* (5) (8)

Insurance Brokerage Services Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 8.7% Cash, Acquired 10/19, Due 11/25) 2,500,000 2,360,112 1,677,075

2,500,000 2,360,112 1,677,075

Contabo Finco S.À R.L (0.3%)* (3) (5) (7) (8)

Internet Software and Services

First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 10/19, Due 10/26)

Internet Software and Services First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 10/19, Due 10/26) 1,361,657 1,307,535 1,269,399

1,361,657 1,307,535 1,269,399

Container Store Group, Inc., (The) (0.5%)* (6) (8)

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23)

Retail First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23) 2,889,648 2,891,578 2,326,166

2,889,648 2,891,578 2,326,166

Core & Main LP (0.8%)* (6) (8)

Building Products

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.3% Cash, Acquired 09/18, Due 08/24)

Building Products First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 08/24) 3,959,391 3,973,700 3,762,649

3,959,391 3,973,700 3,762,649

CPI International Inc.

Electronic Components

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 07/24)

(0.9%)* (6) (8)

Electronic Components First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 07/24) 4,722,788 4,728,810 4,431,534

4,722,788 4,728,810 4,431,534

Dart Buyer, Inc.

(2.4%)* (3) (5) (7) (8)

Aerospace & Defense

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 04/19, Due 04/25)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 04/19, Due 04/25) 12,373,311 12,131,607 11,685,480

12,373,311 12,131,607 11,685,480

Davis Vision Incorporation

Managed Health Care

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.5% Cash, Acquired 08/18, Due 12/24)

(0.8%)* (6) (8)

Managed Health Care First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 12/24) 3,949,367 3,947,664 3,774,134

3,949,367 3,947,664 3,774,134

Diamond Sports Group, LLC (0.2%)* (5) (8)

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.2% Cash, Acquired 03/20, Due 07/26)

Broadcasting First Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.4% Cash, Acquired 03/20, Due 08/26) 994,987 780,476 807,184

994,987 780,476 807,184

Dimora Brands, Inc.

Building Products

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.6% Cash, Acquired 08/18, Due 08/24)

(0.6%)* (6) (8)

Building Products First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.6% Cash, Acquired 08/18, Due 08/24) 2,938,760 2,941,402 2,812,040

2,938,760 2,941,402 2,812,040

Distinct Holdings, Inc.

(1.5%)* (5) (7) (8)

Systems Software

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.2% Cash, Acquired 04/19, Due 12/23)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2020

Portfolio Company

Type of Investment (1) (2)

DreamStart Bidco SAS (2.1%)* (3) (5) (7)

Diversified Financial Services

First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 1.8% PIK, Acquired 03/20, Due 03/27)

Duff & Phelps Corporation (0.9%)* (4) (6)

Research & Consulting Services

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 09/18, Due 02/25)

Systems Software First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23) 7,554,756 7,481,644 7,256,971

7,554,756 7,481,644 7,256,971

DreamStart Bidco SAS (d/b/a SmartTrade) (2.0%)* (3) (5) (7) (8)

Diversified Financial Services First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 1.8% PIK, Acquired 03/20, Due 03/27) 9,870,524 9,344,248 9,620,125

9,870,524 9,344,248 9,620,125

Edelman Financial Center, LLC, The (1.0%)* (6) (8)

Investment Banking & Brokerage

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.2% Cash, Acquired 09/18, Due 07/25)

Investment Banking & Brokerage First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.2% Cash, Acquired 09/18, Due 07/25) 4,937,343 4,970,893 4,702,820

4,937,343 4,970,893 4,702,820

Series 2019-1A (0.6%)* (3) (5) (8)

Structured Finance

Structured Secured Note - Class E (LIBOR + 7.10%, 8.9% Cash, Acquired 03/20, Due 04/30)

Structured Finance Structured Secured Note - Class E (LIBOR + 7.10%, 8.2% Cash, Acquired 03/20, Due 04/30) 3,000,000 2,673,958 2,825,565

3,000,000 2,673,958 2,825,565

Endo International PLC

Pharmaceuticals

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 09/18, Due 04/24)

(1.5%)* (3) (5) (6) (8)

Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.0% Cash, Acquired 09/18, Due 04/24) 7,838,384 7,892,372 7,387,677

7,838,384 7,892,372 7,387,677

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2020

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Envision Healthcare Corp.

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.7% Cash, Acquired 03/20, Due 10/25)

(0.4%)* (5) (8)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 3.75%, 3.9% Cash, Acquired 03/20, Due 10/25) $ 3,172,878 $ 2,205,049 $ 2,070,303

3,172,878 2,205,049 2,070,303

Exeter Property Group, LLC (2.5%)* (5) (7) (8)

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.1% Cash, Acquired 02/19, Due 08/24)

Real Estate First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.7% Cash, Acquired 02/19, Due 08/24) 12,375,000 12,230,925 12,169,662

12,375,000 12,230,925 12,169,662

ExGen Renewables IV, LLC (0.5%)* (3) (6) (8)

Electric Utilities

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.6% Cash, Acquired 09/18, Due 11/24)

Eyemart Express (0.7%)* (6)

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 08/24)

Electric Utilities First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 09/18, Due 11/24) 2,787,424 2,808,008 2,696,833

2,787,424 2,808,008 2,696,833

Eyemart Express LLC (0.6%)* (6) (8)

Retail First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 08/24) 3,425,797 3,434,625 3,108,910

3,425,797 3,434,625 3,108,910

Fieldwood Energy LLC

Oil & Gas Equipment & Services

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 08/18, Due 04/22)

(0.4%)* (4) (5) (6) (8)

Oil & Gas Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 08/18, Due 04/22) 10,000,000 10,063,022 1,816,700

10,000,000 10,063,022 1,816,700

Filtration Group Corporation (0.9%)* (6) (7) (8)

Industrial Machinery

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 09/18, Due 03/25)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.2% Cash, Acquired 09/18, Due 03/25) 4,748,978 4,776,205 4,511,529

4,748,978 4,776,205 4,511,529

Flex Acquisition Holdings, Inc.

(1.0%)* (5) (6) (8)

Paper Packaging

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 08/18, Due 06/25)

Paper Packaging First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.7% Cash, Acquired 08/18, Due 06/25) 5,418,688 5,429,097 5,093,566

5,418,688 5,429,097 5,093,566

Frazer Consultants, LLC (d/b/a Tribute Technology) (1.3%)* (5) (7) (8)

Software Services

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.0% Cash, Acquired 11/19, Due 08/23)

Software Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.6% Cash, Acquired 11/19, Due 08/23) 6,688,791 6,629,982 6,438,403

6,688,791 6,629,982 6,438,403

GoldenTree Loan Opportunities IX, Limited:

Series 2014-9A (0.2%)* (3) (5) (8)

Structured Finance

Structured Secured Note - Class DR2 (LIBOR + 3.0%, 4.8% Cash, Acquired 03/20, Due 10/29)

Structured Finance Structured Secured Note - Class DR2 (LIBOR + 3.0%, 3.8% Cash, Acquired 03/20, Due 10/29) 1,250,000 900,520 1,159,651

1,250,000 900,520 1,159,651

Graftech International Ltd.

(1.0%)* (3) (6) (8)

Specialty Chemicals

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 02/25)

Specialty Chemicals First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 02/25) 5,169,225 5,204,360 5,022,780

5,169,225 5,204,360 5,022,780

Gulf Finance, LLC (0.1%)* (5) (8)

Oil & Gas Exploration & Production

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.8% Cash, Acquired 10/18, Due 08/23)

Oil & Gas Exploration & Production First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 08/23) 1,053,642 932,202 674,331

1,053,642 932,202 674,331

Harbor Freight Tools USA Inc.(1.2%)* (6) (8)

Specialty Stores

First Lien Senior Secured Term Loan (LIBOR + 2.5%, 3.5% Cash, Acquired 08/18, Due 08/23)

Specialty Stores First Lien Senior Secured Term Loan (LIBOR + 2.5%, 3.3% Cash, Acquired 08/18, Due 08/23) 5,949,142 5,907,173 5,714,924

5,949,142 5,907,173 5,714,924

Hayward Industries, Inc.

(1.4%)* (5) (6) (8)

Leisure Products

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 08/24)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2020

Portfolio Company

Type of Investment (1) (2)

Leisure Products First Lien Senior Secured Term Loan (LIBOR + 3.5%, 3.7% Cash, Acquired 08/18, Due 08/24) 6,991,992 7,011,721 6,712,312

6,991,992 7,011,721 6,712,312

Heartland, LLC (1.0%)* (5) (7) (8)

Commercial Services & Supplies

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.2% Cash, Acquired 08/19, Due 08/25)

Commercial Services & Supplies First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25) 5,476,510 5,294,535 4,833,787

5,476,510 5,294,535 4,833,787

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (1.8%)* (3) (5) (7) (8)

First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 09/19, Due 09/26)

Hertz Corporation (The) (0.9%)* (3) (6)

Rental & Leasing Services

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.7% Cash, Acquired 09/18, Due 06/23)

Insurance First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.1% Cash, Acquired 09/19, Due 09/26) 9,559,150 9,200,293 9,023,492

9,559,150 9,200,293 9,023,492

Highbridge Loan Management Ltd:

Series 2014A-19 (0.2%)* (3) (5) (8)

Structured Finance

Structured Secured Note - Class E (LIBOR + 6.75%, 8.5% Cash, Acquired 03/20, Due 07/30)

Structured Finance Structured Secured Note - Class E (LIBOR + 6.75%, 7.7% Cash, Acquired 03/20, Due 07/30) 1,000,000 833,666 927,421

1,000,000 833,666 927,421

Holley Performance Products (Holley Purchaser, Inc.) (4.2%)* (5) (7) (8)

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.8% Cash, Acquired 10/18, Due 10/25)

Automotive Parts & Equipment First Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.8% Cash, Acquired 10/18, Due 10/25) 22,196,975 21,930,245 20,383,316

22,196,975 21,930,245 20,383,316

Hub International Limited (1.0%)* (6) (8)

Property & Casualty Insurance

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 08/18, Due 04/25)

HW Holdco, LLC (1.6%)* (5) (7)

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.3% Cash, Acquired 12/18, Due 12/24)

Hyland Software Inc.

Technology Distributors

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 09/18, Due 07/24)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 04/25) 4,937,028 4,941,249 4,686,079

4,937,028 4,941,249 4,686,079

HW Holdco, LLC (Hanley Wood LLC) (1.5%)* (5) (7) (8)

Advertising First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/18, Due 12/24) 7,546,371 7,399,679 7,308,429

7,546,371 7,399,679 7,308,429

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2020

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Hyperion Materials & Technologies, Inc.

(2.7%)* (5) (7) (8)

Industrial Machinery

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.3% Cash, Acquired 08/19, Due 08/26)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/19, Due 08/26) $ 13,960,764 $ 13,731,609 $ 13,427,845

13,960,764 13,731,609 13,427,845

IM Analytics Holding, LLC (d/b/a NVT) (1.4%)* (5) (7) (8)

Electronic Instruments & Components

First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.8% Cash, Acquired 11/19, Due 11/23)

Electronic Instruments & Components First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.6% Cash, Acquired 11/19, Due 11/23) 8,250,651 8,179,608 7,050,202

Warrant (68,950 units, Acquired 11/19) — —

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.5% Cash, Acquired 09/18, Due 06/21)

Infor Software Parent, LLC (1.1%)* (6)

Systems Software

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 08/18, Due 02/22)

8,250,651 8,179,608 7,050,202

(0.5%)* (5) (8)

Healthcare First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 06/21) 2,453,415 2,466,732 2,355,278

2,453,415 2,466,732 2,355,278

Institutional Shareholder Services, Inc.

(1.0%)* (5) (7) (8)

Diversified Support Services

Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.6% Cash, Acquired 03/19, Due 03/27)

Diversified Support Services Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 8.8% Cash, Acquired 03/19, Due 03/27) 4,951,685 4,822,934 4,703,299

4,951,685 4,822,934 4,703,299

Internet Brands, Inc.

Entertainment

First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 08/18, Due 09/24)

(0.8%)* (6) (8)

Entertainment First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 08/18, Due 09/24) 3,959,391 3,979,736 3,803,272

3,959,391 3,979,736 3,803,272

ION Trading Technologies Ltd.

(1.4%)* (3) (6) (8)

Electrical Components & Equipment

First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.1% Cash, Acquired 08/18, Due 11/24)

ISS#2, LLC (1.6%)* (5) (7)

Commercial Services & Supplies

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.2% Cash, Acquired 02/20, Due 02/26)

Jade Bidco Limited (2.5%)* (3) (5) (7)

Aerospace & Defense

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 11/19, Due 12/26)

First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 11/19, Due 12/26)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2020

Portfolio Company

Type of Investment (1) (2)

Jaguar Holding Company I (1.0%)* (6)

Life Sciences Tools & Services

First Lien Senior Secured Term Loan (LIBOR + 2.5%, 3.5% Cash, Acquired 08/18, Due 08/22)

Electrical Components & Equipment First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.1% Cash, Acquired 08/18, Due 11/24) 6,942,334 6,929,967 6,644,785

6,942,334 6,929,967 6,644,785

ISS#2, LLC (d/b/a Industrial Services Solutions) (1.5%)* (5) (7) (8)

Commercial Services & Supplies First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.7% Cash, Acquired 02/20, Due 02/26) 7,876,109 7,727,293 7,222,755

7,876,109 7,727,293 7,222,755

Jade Bidco Limited (Jane's)

(2.4%)* (3) (5) (7) (8)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.0% Cash, 2.0% PIK, Acquired 11/19, Due 12/26) 10,432,352 10,167,268 9,832,735

First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 11/19, Due 12/26) 1,869,213 1,789,259 1,761,777

12,301,565 11,956,527 11,594,512

Kenan Advantage Group Inc.

(0.8%)* (5) (6) (8)

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 07/22)

Trucking First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 07/22) 4,287,943 4,285,956 3,857,348

4,287,943 4,285,956 3,857,348

Kene Acquisition, Inc.

(En Engineering) (1.4%)* (5) (7) (8)

Oil & Gas Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26) 7,335,738 7,200,657 6,964,172

7,335,738 7,200,657 6,964,172

Oil & Gas Equipment & Services

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.5% Cash, Acquired 08/19, Due 08/26)

K-Mac Holdings Corp.

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 03/25)

Application Software

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 11/23)

LAC Intermediate, LLC (f/k/a Lighthouse Autism Center) (1.8%)* (5) (7) (8)

Healthcare & Pharmaceuticals

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/18, Due 10/24)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/18, Due 10/24) 9,269,766 9,073,827 8,595,760

Class A LLC Units (154,320 units, Acquired 10/18) 154,320 172,964

9,269,766 9,228,147 8,768,724

LTI Holdings, Inc.

(Boyd Corporation) (2.0%)* (5) (6) (8)

Industrial Conglomerates First Lien Senior Secured Term Loan (LIBOR + 3.5%, 3.7% Cash, Acquired 09/18, Due 09/25) 11,790,000 11,841,533 9,987,781

11,790,000 11,841,533 9,987,781

Industrial Conglomerates

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 09/18, Due 09/25)

Mallinckrodt Plc (0.5%)* (3) (5) (6) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.2% Cash, Acquired 08/18, Due 09/24)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.5% Cash, Acquired 08/18, Due 09/24) 3,237,418 3,228,190 2,411,876

3,237,418 3,228,190 2,411,876

MB2 Dental Solutions, LLC (1.5%)* (5) (7) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.2% Cash, Acquired 09/19, Due 09/23)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/19, Due 09/23) 8,011,829 7,935,659 7,564,956

8,011,829 7,935,659 7,564,956

Media Recovery, Inc.

(SpotSee) (0.4%)* (5) (7) (8)

Containers, Packaging and Glass First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/19, Due 11/25) 2,227,543 2,187,202 2,069,065

2,227,543 2,187,202 2,069,065

Containers, Packaging and Glass

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.4% Cash, Acquired 11/19, Due 11/25)

Men's Wearhouse, Inc.

(The) (0.3%)* (5) (6) (8)

Apparel Retail

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.8% Cash, Acquired 08/18, Due 04/25)

Apparel Retail First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/18, Due 04/25) 9,794,863 9,870,619 1,567,178

9,794,863 9,870,619 1,567,178

Nautilus Power, LLC (0.6%)* (6) (8)

Independent Power Producers & Energy Traders

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 09/18, Due 05/24)

Independent Power Producers & Energy Traders First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 09/18, Due 05/24) 3,142,456 3,154,177 3,007,927

3,142,456 3,154,177 3,007,927

Neuberger Berman CLO Ltd:

Series 2020-36A (0.5%)* (3) (5) (8)

Structured Finance

Structured Secured Note - Class E (LIBOR + 7.81%, 9.3% Cash, Acquired 03/20, Due 04/33)

Structured Finance Structured Secured Note - Class E (LIBOR + 7.81%, 8.9% Cash, Acquired 03/20, Due 04/33) 2,500,000 2,476,054 2,405,215

2,500,000 2,476,054 2,405,215

Specialized Finance

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.2% Cash, Acquired 08/18, Due 02/27)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2020

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

(0.8%)* (5) (6) (8)

Specialized Finance First Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.4% Cash, Acquired 08/18, Due 02/27) $ 3,959,386 $ 3,939,591 $ 3,682,229

3,959,386 3,939,591 3,682,229

NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (2.3%)* (5) (7) (8)

Energy Equipment & Services

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25)

Energy Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25) 11,916,381 11,869,732 11,436,622

11,916,381 11,869,732 11,436,622

Nouryon Finance B.V.

Specialty Chemicals

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.9% Cash, Acquired 03/20, Due 10/25)

Omaha Holdings LLC (1.0%)* (6)

Auto Parts & Equipment

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 03/24)

(Starfruit US Holdco, LLC) (0.4%)* (5) (8)

Specialty Chemicals First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.2% Cash, Acquired 03/20, Due 10/25) 1,994,830 1,791,079 1,866,822

1,994,830 1,791,079 1,866,822

Omaha Holdings LLC (Gates Global LLC) (1.0%)* (6) (8)

Auto Parts & Equipment First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 03/24) 4,936,548 4,962,954 4,743,184

4,936,548 4,962,954 4,743,184

Omnitracs, LLC (0.9%)* (6) (8)

Application Software

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.0% Cash, Acquired 08/18, Due 03/25)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2020

Portfolio Company

Type of Investment (1) (2)

Application Software First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.0% Cash, Acquired 08/18, Due 03/25) 4,562,506 4,551,461 4,278,490

4,562,506 4,551,461 4,278,490

Options Technology Ltd.

(2.1%)* (3) (5) (7) (8)

Computer Services

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.6% Cash, Acquired 12/19, Due 12/25)

Computer Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.6% Cash, Acquired 12/19, Due 12/25) 11,062,374 10,804,754 10,397,795

11,062,374 10,804,754 10,397,795

Ortho-Clinical Diagnostics Bermuda Co.

(0.9%)* (6) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.8% Cash, Acquired 08/18, Due 06/25)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.4% Cash, Acquired 08/18, Due 06/25) 4,859,694 4,861,752 4,534,726

4,859,694 4,861,752 4,534,726

Panther BF Aggregator 2 LP

Auto Parts & Equipment

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.4% Cash, Acquired 03/20, Due 04/26)

(0.4%)* (5) (8)

Auto Parts & Equipment First Lien Senior Secured Term Loan (LIBOR + 3.5%, 3.7% Cash, Acquired 03/20, Due 04/26) 1,989,974 1,798,919 1,890,476

1,989,974 1,798,919 1,890,476

Pare SAS (SAS Maurice MARLE) (2.7%)* (3) (5) (7) (8)

Health Care Equipment

First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 5.8% Cash, 1.0% PIK, Acquired 12/19, Due 12/26)

Health Care Equipment First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.25% Cash, 1.0% PIK, Acquired 12/19, Due 12/26) 14,002,111 13,613,011 13,294,951

14,002,111 13,613,011 13,294,951

PAREXEL International Corp.

(0.7%)* (5) (6) (8)

Pharmaceuticals

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.7% Cash, Acquired 09/18, Due 09/24)

Patriot New Midco 1 Limited (3.8%)* (3) (5) (7)

Diversified Financial Services

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.5% Cash, Acquired 02/20, Due 02/27)

Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 2.75%, 2.9% Cash, Acquired 09/18, Due 09/24) 3,576,234 3,563,123 3,381,794

3,576,234 3,563,123 3,381,794

Patriot New Midco 1 Limited (Forensic Risk Alliance) (3.5%)* (3) (5) (7) (8)

Diversified Financial Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/20, Due 02/27) 10,017,544 9,734,967 9,391,011

First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 02/20, Due 02/27) 8,452,988 7,967,816 7,924,308

18,470,532 17,702,783 17,315,319

Penn Engineering & Manufacturing Corp.

Industrial Conglomerates

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.1% Cash, Acquired 09/18, Due 06/24)

(0.3%)* (6) (7) (8)

Industrial Conglomerates First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 06/24) 1,635,962 1,646,255 1,570,523

1,635,962 1,646,255 1,570,523

Phoenix Services International LLC (0.5%)* (6) (8)

First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 08/18, Due 03/25)

Steel First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 08/18, Due 03/25) 2,947,368 2,956,566 2,618,560

2,947,368 2,956,566 2,618,560

Playtika Holding Corp.

Leisure, Amusement & Entertainment

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.1% Cash, Acquired 03/20, Due 12/24)

(0.8%)* (5) (8)

Leisure, Amusement & Entertainment First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.1% Cash, Acquired 03/20, Due 12/24) 3,900,000 3,603,103 3,890,250

3,900,000 3,603,103 3,890,250

PODS Enterprises, Inc.

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 12/24)

Premier Technical Services Group (0.6%)* (3) (5) (7)

Construction & Engineering

First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 8.2% Cash, Acquired 08/19, Due 08/26)

(0.9%)* (6) (8)

Packaging First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 12/24) 4,861,313 4,873,222 4,639,540

4,861,313 4,873,222 4,639,540

Premier Technical Services Group (Project Graphite) (0.5%)* (3) (5) (7) (8)

Construction & Engineering First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.5% Cash, Acquired 08/19, Due 08/26) 2,810,169 2,674,219 2,577,238

2,810,169 2,674,219 2,577,238

Pro Mach Inc.

(1.1%)* (5) (6) (8)

Industrial Machinery

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.7% Cash, Acquired 08/18, Due 03/25)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 2.75%, 2.9% Cash, Acquired 08/18, Due 03/25) 5,894,737 5,880,032 5,495,015

5,894,737 5,880,032 5,495,015

ProAmpac Intermediate Inc.

(1.9%)* (5) (6) (8)

Packaged Foods & Meats

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.0% Cash, Acquired 08/18, Due 11/23)

Packaged Foods & Meats First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 11/23) 9,821,105 9,831,133 9,342,326

9,821,105 9,831,133 9,342,326

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2020

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Process Equipment, Inc.

(ProcessBarron) (1.3%)* (5) (7) (8)

Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25) $ 6,684,916 $ 6,582,532 $ 6,192,120

6,684,916 6,582,532 6,192,120

Industrial Air & Material Handling Equipment

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.8% Cash, Acquired 03/19, Due 03/25)

Professional Datasolutions, Inc.

(PDI) (4.6%)* (5) (7) (8)

Application Software

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.6% Cash, Acquired 03/19, Due 10/24)

Application Software First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24) 23,041,343 23,011,789 22,489,313

23,041,343 23,011,789 22,489,313

Project Potter Buyer, LLC (Command Alkon) (2.0%)* (5) (7) (8)

Software First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27) 9,895,616 9,604,477 9,740,671

LLC units (104,384 units, Acquired 04/20) 104,384 104,384

9,895,616 9,708,861 9,845,055

PSC UK Pty Ltd.

(0.3%)* (3) (5) (7) (8)

Insurance Services

First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 6.3% Cash, Acquired 11/19, Due 11/24)

Insurance Services First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 11/19, Due 11/24) 1,736,232 1,729,999 1,663,716

1,736,232 1,729,999 1,663,716

Qlik Technologies Inc.

(Alpha Intermediate Holding, Inc.) (1.0%)* (6) (8)

Application Software

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.4% Cash, Acquired 08/18, Due 04/24)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2020

Portfolio Company

Type of Investment (1) (2)

Application Software First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.4% Cash, Acquired 08/18, Due 04/24) 4,936,387 4,936,541 4,730,688

4,936,387 4,936,541 4,730,688

Radiate HoldCo, LLC (0.4%)* (5) (8)

Cable & Satellite

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 03/20, Due 02/24)

RedPrairie Holding, Inc.

Computer Storage & Peripherals

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 10/23)

Cable & Satellite First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.75% Cash, Acquired 03/20, Due 02/24) 1,989,740 1,775,086 1,895,227

1,989,740 1,775,086 1,895,227

Refinitiv US Holdings, Inc.(0.6%)* (5)

Data Processing & Outsourced Services

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.2% Cash, Acquired 03/20, Due 10/25)

Data Processing & Outsourced Services First Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.4% Cash, Acquired 03/20, Due 10/25) 3,020,382 2,741,337 2,947,138

3,020,382 2,741,337 2,947,138

Renaissance Learning, Inc.

Application Software

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.9% Cash, Acquired 08/18, Due 05/25)

(1.1%)* (6) (8)

Application Software First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.0% Cash, Acquired 08/18, Due 05/25) 5,363,951 5,360,661 5,151,163

5,363,951 5,360,661 5,151,163

Reynolds Group Holdings Ltd.

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.7% Cash, Acquired 09/18, Due 02/23)

(1.0%)* (6) (8)

Packaging First Lien Senior Secured Term Loan (LIBOR + 2.75%, 2.9% Cash, Acquired 09/18, Due 02/23) 4,935,964 4,951,009 4,703,480

4,935,964 4,951,009 4,703,480

Series 2019-6A (0.4%)* (3) (5)

Structured Finance

Structured Secured Note - Class D (LIBOR + 6.75%, 8.6% Cash, Acquired 03/20, Due 04/30)

Structured Finance Structured Secured Note - Class D (LIBOR + 6.75%, 8.0% Cash, Acquired 03/20, Due 04/30) 2,000,000 1,648,042 1,840,782

2,000,000 1,648,042 1,840,782

Ruffalo Noel Levitz, LLC

Media Services

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.5% Cash, Acquired 01/19, Due 05/22)

(1.9%)* (5) (7) (8)

Media Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/19, Due 05/22) 9,665,676 9,579,861 9,419,977

9,665,676 9,579,861 9,419,977

Scaled Agile, Inc.

(1.0%)* (5) (7) (8)

Research & Consulting Services

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)

Research & Consulting Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24) 4,869,777 4,827,923 4,680,414

4,869,777 4,827,923 4,680,414

SCI Packaging Inc.

Metal & Glass Containers

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.1% Cash, Acquired 08/18, Due 04/24)

Seadrill Ltd.

(0.9%)* (6) (8)

Oil & Gas Equipment & Services

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.5% Cash, Acquired 09/18, Due 02/21)

Metal & Glass Containers First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.6% Cash, Acquired 08/18, Due 04/24) 4,936,387 4,927,777 4,420,139

4,936,387 4,927,777 4,420,139

Seaworld Entertainment, Inc.

(1.1%)* (3) (6) (8)

Leisure Facilities

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 03/24)

Leisure Facilities First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.8% Cash, Acquired 08/18, Due 03/24) 5,923,469 5,915,644 5,218,576

5,923,469 5,915,644 5,218,576

Serta Simmons Bedding LLC

Home Furnishings

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 10/19, Due 11/23)

(2.1%)* (5) (8)

Home Furnishings Super Priority First Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) 7,443,107 7,219,813 7,294,245

Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) 3,652,949 3,374,389 3,044,112

11,096,056 10,594,202 10,338,357

SIWF Holdings, Inc.

(Spring Windows Fashions, LLC) (1.1%)* (6) (8)

Home Furnishings First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/18, Due 06/25) 5,924,433 5,956,756 5,509,723

5,924,433 5,956,756 5,509,723

Home Furnishings

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/18, Due 06/25)

SK Blue Holdings, LP (0.8%)* (6) (7)

Commodity Chemicals

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.6% Cash, Acquired 09/18, Due 10/25)

SK Blue Holdings, LP (Polar US Borrower LLC) (0.8%)* (6) (7) (8)

Commodity Chemicals First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 09/18, Due 10/25) 4,139,599 4,137,617 3,891,223

4,139,599 4,137,617 3,891,223

Smile Brands Group Inc.

(1.1%)* (5) (7) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.2% Cash, Acquired 10/18, Due 10/24)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.7% Cash, Acquired 10/18, Due 10/24) 5,866,472 5,820,453 5,379,837

5,866,472 5,820,453 5,379,837

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2020

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Solenis International, LLC (f/k/a

Solenis Holdings, L.P.) (1.1%)* (5) (6) (8)

Specialty Chemicals

First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.6% Cash, Acquired 08/18, Due 06/25)

Specialty Chemicals First Lien Senior Secured Term Loan (LIBOR + 4.0%, 4.4% Cash, Acquired 08/18, Due 06/25) $ 5,391,234 $ 5,418,365 $ 5,156,500

5,391,234 5,418,365 5,156,500

Springbrook Software (SBRK Intermediate, Inc.) (2.0%)* (5) (7) (8)

Enterprise Software and Services

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.2% Cash, Acquired 12/19, Due 12/26)

Enterprise Software and Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26) 10,468,385 10,232,620 9,824,721

10,468,385 10,232,620 9,824,721

SRS Distribution, Inc.

Building Products

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.1% Cash, Acquired 09/18, Due 05/25)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2020

Portfolio Company

Type of Investment (1) (2)

(1.0%)* (6) (8)

Building Products First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 09/18, Due 05/25) 4,949,622 4,881,192 4,666,256

4,949,622 4,881,192 4,666,256

Syniverse Holdings, Inc.

(1.5%)* (5) (6) (8)

Technology Distributors

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 08/18, Due 03/23)

Technology Distributors First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 08/18, Due 03/23) 10,289,474 10,258,899 7,281,656

10,289,474 10,258,899 7,281,656

Tahoe Subco 1 Ltd.

(Almonde, Inc.) (2.1%)* (3) (5) (6) (8)

Internet Software & Services First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 09/18, Due 06/24) 11,860,496 11,868,675 10,340,218

11,860,496 11,868,675 10,340,218

Internet Software & Services

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 09/18, Due 06/24)

Team Health Holdings, Inc.

(1.1%)* (5) (6) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 02/24)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 02/24) 6,858,228 6,669,076 5,225,148

6,858,228 6,669,076 5,225,148

Tempo Acquisition LLC (1.1%)* (6) (8)

Investment Banking & Brokerage

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.7% Cash, Acquired 09/18, Due 05/24)

Investment Banking & Brokerage First Lien Senior Secured Term Loan (LIBOR + 2.75%, 2.9% Cash, Acquired 09/18, Due 05/24) 5,561,088 5,576,381 5,269,130

5,561,088 5,576,381 5,269,130

The Hilb Group, LLC (1.8%)* (5) (7) (8)

Insurance Brokerage

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.2% Cash, Acquired 12/19, Due 12/26)

Insurance Brokerage First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26) 9,615,728 9,342,582 9,005,963

9,615,728 9,342,582 9,005,963

Total Safety U.S.

Diversified Support Services

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.6% Cash, Acquired 11/19, Due 08/25)

(1.2%)* (5) (8)

Diversified Support Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 08/25) 7,040,348 6,762,711 6,072,300

7,040,348 6,762,711 6,072,300

Transit Technologies LLC(1.2%)* (5) (7) (8)

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.5% Cash, Acquired 02/20, Due 02/25)

Software First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 02/20, Due 02/25) 6,785,305 6,564,639 6,117,747

6,785,305 6,564,639 6,117,747

Transportation Insight, LLC (4.9%)* (5) (7) (8)

Air Freight & Logistics

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.0% Cash, Acquired 08/18, Due 12/24)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.0% Cash, Acquired 08/18, Due 12/24) 24,638,036 24,458,135 23,854,549

24,638,036 24,458,135 23,854,549

Truck-Lite Co., LLC (3.7%)* (5) (7) (8)

Automotive Parts and Equipment

First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26)

Automotive Parts and Equipment First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26) 19,517,308 19,097,372 18,104,295

19,517,308 19,097,372 18,104,295

Trystar, LLC (3.2%)* (5) (7) (8)

Power Distribution Solutions

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/18, Due 09/23)

Power Distribution Solutions First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/18, Due 09/23) 15,637,813 15,451,466 15,134,083

LLC Units (361.5 units, Acquired 09/18) 361,505 493,944

15,637,813 15,812,971 15,628,027

Anesthesia Partners, Inc.

(2.4%)* (5) (6) (8)

Managed Health Care

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 09/18, Due 06/24)

Managed Health Care First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 09/18, Due 06/24) 13,515,863 13,562,587 11,898,825

13,515,863 13,562,587 11,898,825

Silica Company (0.2%)* (3) (5) (8)

Metal & Glass Containers

First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 08/18, Due 05/25)

USF Holdings LLC (0.4%)* (6) (7)

Auto Parts & Equipment

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.0% Cash, Acquired 08/18, Due 12/21)

Metal & Glass Containers First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 08/18, Due 05/25) 1,495,235 1,498,332 1,060,017

1,495,235 1,498,332 1,060,017

USF Holdings LLC (U.S.

Farathane, LLC) (0.5%)* (6) (8)

Auto Parts & Equipment First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 12/21) 3,134,000 3,140,040 2,334,830

3,134,000 3,140,040 2,334,830

USI Holdings Corp.

Property & Casualty Insurance

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 05/24)

(1.0%)* (6) (8)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.3% Cash, Acquired 08/18, Due 05/24) 4,936,548 4,932,157 4,674,911

4,936,548 4,932,157 4,674,911

USIC Holdings, Inc.

(United States Infrastructure Corp.) (0.8%)* (6) (8)

Packaged Foods & Meats First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/18, Due 12/23) 3,931,135 3,946,196 3,739,493

3,931,135 3,946,196 3,739,493

Packaged Foods & Meats

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/18, Due 12/23)

USLS Acquisition, Inc.

(f/k/a US Legal Support, Inc.) (3.1%)* (5) (7) (8)

Legal Services

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/18, Due 11/24)

Validity, Inc.

Legal Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/18, Due 11/24) 16,430,096 16,200,387 15,043,847

16,430,096 16,200,387 15,043,847

IT Consulting & Other Services

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.2% Cash, Acquired 07/19, Due 05/25)

Veritas Bermuda Intermediate Holdings Ltd.

Technology Distributors

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.0% Cash, Acquired 09/18, Due 01/23)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2020

Portfolio Company

Type of Investment (1) (2)

June 30, 2020

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Validity, Inc.

(0.9%)* (5) (7) (8)

IT Consulting & Other Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 07/19, Due 05/25) $ 5,051,351 $ 4,908,648 $ 4,546,875

5,051,351 4,908,648 4,546,875

Veritas Bermuda Intermediate Holdings Ltd.

(0.9%)* (6) (8)

Technology Distributors First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 09/18, Due 01/23) 4,936,093 4,786,298 4,551,077

4,936,093 4,786,298 4,551,077

VF Holding Corp.

(Vertafore, Inc.)(0.5%)* (5) (6) (8)

Systems Software First Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.4% Cash, Acquired 08/18, Due 07/25) 2,464,969 2,464,969 2,318,623

2,464,969 2,464,969 2,318,623

Systems Software

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.2% Cash, Acquired 08/18, Due 07/25)

Wilsonart, LLC (1.0%)* (6) (8)

Building Products

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.7% Cash, Acquired 11/18, Due 12/23)

Building Products First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 11/18, Due 12/23) 4,936,387 4,936,388 4,749,742

4,936,387 4,936,388 4,749,742

Winebow Group, LLC, (The) (2.5%)* (5) (8)

Consumer Goods

First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 11/19, Due 07/21)

Consumer Goods First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 11/19, Due 07/21) 10,787,719 9,846,515 8,077,304

Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.5% Cash, Acquired 10/19, Due 01/22) 7,141,980 4,813,864 4,308,971

17,929,699 14,660,379 12,386,275

World 50, Inc.

(2.1%)* (5) (7) (8)

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/20, Due 01/26)

Broadcasting First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/20, Due 01/26) 10,650,223 10,402,176 10,247,420

10,650,223 10,402,176 10,247,420

Semiconductor Equipment

First Lien Senior Secured Term Loan (LIBOR + 2.5%, 3.5% Cash, Acquired 08/18, Due 12/23)

Subtotal Non–Control / Non–Affiliate Investments 1,053,855,836 1,033,046,789 960,061,063

Affiliate Investments:

Jocassee Partners LLC (2.9%)* (3) (5)

Investment Funds & Vehicles 9.1% Member Interest, Acquired 06/19 15,158,270 14,434,410

15,158,270 14,434,410

Thompson Rivers LLC (0.3%)* (3) (5)

Investment Funds & Vehicles 10% Member Interest, Acquired 06/20 1,500,000 1,499,435

1,500,000 1,499,435

Affiliate Investment:

Jocassee Partners LLC (1.4%)* (3) (5) (8)

Investment Funds & Vehicles

9.1% Member Interest, Acquired 06/19

Subtotal Affiliate Investment

Subtotal Affiliate Investments 16,658,270 15,933,845

Short-Term Investments:

BNY Mellon Investment Advisor, Inc.

Money Market Fund Dreyfus Government Cash Management Fund (0.1% yield) 66,771 66,771

66,771 66,771

Money Market Fund

Dreyfus Government Cash Management Fund (0.3% yield)

Federated Investment Management Company (10.1%)* (6)

Money Market Fund

Federated Government Obligation Fund (0.3% yield)

Subtotal Short-Term Investment

Total Investments, March 31, 2020 (240.4%)*

Money Market Fund Federated Government Obligation Fund (0.1% yield) 49,454,205 49,454,205

49,454,205 49,454,205

HSBC Holdings PLC (0.4%)* (5)

Money Market Fund HSBC Funds U.S.

Government Money Market Fund (0.1% yield) 2,000,000 2,000,000

2,000,000 2,000,000

JPMorgan Chase & Co.

(1.3%)* (5) (6)

Money Market Fund JPMorgan Prime Money Market Fund (0.4% yield) 6,525,500 6,525,148

6,525,500 6,525,148

Subtotal Short-Term Investments 58,046,476 58,046,124

Total Investments, June 30, 2020 (210.8%)* $ 1,053,855,836 $ 1,107,751,535 $ 1,034,041,032

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2020

June 30, 2020

Foreign Currency Forward Contracts:

Notional Amount to be Purchased

Notional Amount to be Sold

Settlement Date

Unrealized Appreciation (Depreciation)

Description Notional Amount to be Purchased Notional Amount to be Sold Settlement Date Unrealized Appreciation (Depreciation)

Foreign currency forward contract (EUR) €1,215,998 $1,366,015 07/02/20 $ (267)

4 unchanged sentences

Foreign currency forward contract (GBP) £1,117,883 $1,380,590 10/02/20 1,394

Foreign currency forward contract (SEK)

Total Foreign Currency Forward Contracts, March 31, 2020

Foreign currency forward contract (SEK) $57,195 571,416kr 07/02/20 (4,138)

Foreign currency forward contract (SEK) 571,416kr $61,196 07/02/20 137

Foreign currency forward contract (SEK) $51,626 481,556kr 10/02/20 (119)

Total Foreign Currency Forward Contracts, June 30, 2020 $ (5,964)

* Fair value as a percentage of net assets.

6 unchanged sentences

The borrower may also elect to have multiple interest reset periods for each loan.

All of the Company’s portfolio company investments, which as of March 31, 2020 represented 240% of the Company’s net assets, are subject to legal restrictions on sales.

(2) All of the Company’s portfolio company investments (including joint venture and short-term investments), which as of June 30, 2020 represented 211% 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 16.4% of total investments at fair value as of March 31, 2020 .

Non-qualifying assets represent 17.4% of total investments at fair value as of June 30, 2020.

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).

Some or all of the investment is or will be encumbered as security for Barings BDC Senior Funding I, LLC's credit facility entered into in August 2018 with Bank of America, N.A., as subsequently amended in December 2018 and February 2020 (the "August 2018 Credit Facility").

(4) Non-accrual investment.

(5) Some or all of the investment is or will be encumbered as security for the Company's credit facility entered into in February 2019 (and subsequently amended in December 2019) with ING Capital LLC (the "February 2019 Credit Facility").

1 unchanged sentence

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

(8) Debt investment includes interest rate floor feature

(9) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns 5% or more of the portfolio company's voting securities (“non-controlled affiliate”).

Transactions related to investments in non-controlled affiliates for the three months ended March 31, 2020 were as follows:

Amount of Realized Gain (Loss)

Amount of Unrealized Gain (Loss)

Amount of Interest or Dividends Credited to Income(b)

December 31, 2019

Gross Additions

Gross Reductions (d)

March 31, 2020

Portfolio Company

Type of Investment(a)

Jocassee Partners LLC

9.1% Member Interest

Transactions related to investments in non-controlled affiliates for the six months ended June 30, 2020 were as follows:

Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) Amount of Interest or Dividends Credited to Income(b) December 31, 2019

Value Gross Additions

Portfolio Company Type of Investment(a)

Jocassee Partners LLC 9.1% Member Interest $ — $ (795,403) $ — $ 10,229,813 $ 5,000,000 $ 795,403 $ 14,434,410

— (795,403) — 10,229,813 5,000,000 795,403 14,434,410

Thompson Rivers LLC 10% Member Interest — (565) — — 1,500,000 565 1,499,435

— (565) — — 1,500,000 565 1,499,435

Total Affiliate Investments $ — $ (795,968) $ — $ 10,229,813 $ 6,500,000 $ 795,968 $ 15,933,845

Equity and equity-linked investments are non-income producing, unless otherwise noted.

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.

Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

(a) Equity and equity-linked investments are non-income producing, unless otherwise noted.

(b) 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.

(c) Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation.

Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.

(d) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.

Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.

3 unchanged sentences

December 31, 2019

Portfolio Company

Type of Investment (1) (2)

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Non–Control / Non–Affiliate Investments:

1 unchanged sentence

(3.9%)* (5) (7) (8)

IT Consulting & Other Services

First Lien Senior Secured Term Loan (LIBOR + 7.25%, 9.2% Cash, Acquired 07/19, Due 07/25)

IT Consulting & Other Services First Lien Senior Secured Term Loan (LIBOR + 7.25%, 9.2% Cash, Acquired 07/19, Due 07/25) $ 22,445,913 $ 22,024,832 $ 22,000,839

22,445,913 22,024,832 22,000,839

24 Hour Fitness Worldwide, Inc.

(0.6%)* (4) (6) (8)

Leisure Facilities

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 05/25)

Leisure Facilities First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 05/25) 4,612,441 4,652,772 3,475,889

4,612,441 4,652,772 3,475,889

Accelerate Learning, Inc.

(1.3%)* (5) (7) (8)

Education Services

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 12/18, Due 12/24)

Education Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 12/18, Due 12/24) 7,567,964 7,438,417 7,271,525

7,567,964 7,438,417 7,271,525

Accurus Aerospace Corporation (4.1%)* (5) (7) (8)

Aerospace & Defense

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 10/18, Due 10/24)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 10/18, Due 10/24) 24,750,000 24,442,153 23,423,629

24,750,000 24,442,153 23,423,629

Acrisure, LLC (0.9%)* (6) (8)

Property & Casualty Insurance

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.2% Cash, Acquired 08/18, Due 11/23)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 08/18, Due 04/25)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.2% Cash, Acquired 08/18, Due 11/23) 4,961,929 4,986,542 4,968,131

4,961,929 4,986,542 4,968,131

(0.6%)* (6) (8)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 08/18, Due 04/25) 3,447,500 3,458,266 3,449,672

3,447,500 3,458,266 3,449,672

Aftermath Bidco Corporation (2.1%)* (5) (7) (8)

Professional Services

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.8% Cash, Acquired 04/19, Due 04/25)

Professional Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.8% Cash, Acquired 04/19, Due 04/25) 12,259,030 12,010,502 12,016,813

12,259,030 12,010,502 12,016,813

AlixPartners LLP (0.9%)* (6) (8)

Investment Banking & Brokerage

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 04/24)

Investment Banking & Brokerage First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 04/24) 4,961,735 4,980,608 4,985,005

4,961,735 4,980,608 4,985,005

Alliant Holdings LP (0.9%)* (6) (8)

Property & Casualty Insurance

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 05/25)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 05/25) 4,922,531 4,929,349 4,919,775

4,922,531 4,929,349 4,919,775

American Dental Partners, Inc.

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.2% Cash, Acquired 11/18, Due 03/23)

(1.7%)* (5) (8)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.2% Cash, Acquired 11/18, Due 03/23) 9,900,000 9,880,958 9,751,500

9,900,000 9,880,958 9,751,500

American Scaffold, Inc.

(1.7%)* (5) (7) (8)

Aerospace & Defense

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 09/19, Due 09/25)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 09/19, Due 09/25) 9,784,844 9,574,185 9,576,821

9,784,844 9,574,185 9,576,821

Anju Software, Inc.

(2.4%)* (5) (7) (8)

Application Software

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.4% Cash, Acquired 02/19, Due 02/25)

Application Software First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.4% Cash, Acquired 02/19, Due 02/25) 13,820,065 13,505,384 13,485,435

13,820,065 13,505,384 13,485,435

Apex Tool Group, LLC (1.2%)* (4) (6) (8)

Industrial Machinery

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.3% Cash, Acquired 08/18, Due 08/24)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.3% Cash, Acquired 08/18, Due 08/24) 7,145,435 7,014,166 7,032,680

7,145,435 7,014,166 7,032,680

Applied Systems Inc.

Application Software

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 09/19, Due 09/24)

(0.9%)* (6) (8)

Application Software First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 09/19, Due 09/24) 4,963,321 4,993,617 4,978,360

4,963,321 4,993,617 4,978,360

AQA Acquisition Holding, Inc.

(f/k/a SmartBear) (0.9%)* (5) (7) (8)

High Tech Industries

Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 10.1% Cash, Acquired 10/18, Due 05/24)

High Tech Industries Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 10.1% Cash, Acquired 10/18, Due 05/24) 4,959,088 4,857,998 4,859,316

4,959,088 4,857,998 4,859,316

Arch Global Precision LLC

Industrial Machinery

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.6% Cash, Acquired 04/19, Due 04/26)

(1.4%)* (5) (7) (8)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.6% Cash, Acquired 04/19, Due 04/26) 8,285,058 8,160,532 8,202,739

8,285,058 8,160,532 8,202,739

Armstrong Transport Group (Pele Buyer, LLC ) (0.8%)* (5) (7) (8)

Air Freight & Logistics

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.5% Cash, Acquired 06/19, Due 06/24)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.5% Cash, Acquired 06/19, Due 06/24) 4,679,427 4,581,840 4,575,617

4,679,427 4,581,840 4,575,617

Ascend Learning, LLC (0.9%)* (6) (8)

IT Consulting & Other Services

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 07/24)

IT Consulting & Other Services First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 07/24) 4,961,928 4,971,130 4,989,864

4,961,928 4,971,130 4,989,864

Ascensus Specialties, LLC

(1.4%)* (5) (7) (8)

Specialty Chemicals First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.4% Cash, Acquired 09/19, Due 09/26) 8,092,810 8,014,212 8,023,386

8,092,810 8,014,212 8,023,386

Barings BDC, Inc.

1 unchanged sentence

December 31, 2019

Portfolio Company

Type of Investment (1) (2)

Ascensus Specialties, LLC

(1.4%)* (5) (7)

Specialty Chemicals

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.4% Cash, Acquired 09/19, Due 09/26)

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

ASPEQ Heating Group LLC (1.8%)* (5) (7) (8)

Building Products, Air and Heating

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 11/19, Due 11/25)

Building Products, Air and Heating First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 11/19, Due 11/25) $ 10,535,858 $ 10,381,002 $ 10,403,101

10,535,858 10,381,002 10,403,101

AssuredPartners Capital, Inc.

Property & Casualty Insurance

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 10/24)

(0.9%)* (6) (8)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 10/24) 4,957,568 4,966,915 4,968,722

4,957,568 4,966,915 4,968,722

Auxi International (1.0%)* (3) (5) (7) (8)

Commercial Finance

First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/19, Due 12/26)

Commercial Finance First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/19, Due 12/26) 5,578,822 5,359,131 5,429,359

5,578,822 5,359,131 5,429,359

Avantor, Inc.

(0.3%)* (3) (6) (8)

Health Care Equipment

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 11/24)

Health Care Equipment First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 11/24) 1,477,017 1,494,467 1,489,320

1,477,017 1,494,467 1,489,320

Aveanna Healthcare Holdings, Inc.

Health Care Facilities

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 10/18, Due 03/24)

(0.8%)* (6) (8)

Health Care Facilities First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 10/18, Due 03/24) 1,473,559 1,457,678 1,415,545

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.3% Cash, Acquired 10/18, Due 03/24) 3,529,748 3,530,607 3,400,700

5,003,307 4,988,285 4,816,245

AVSC Holding Corp.

(1.4%)* (4) (5) (6) (8)

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.1% Cash, Acquired 08/18, Due 03/25)

Advertising First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.1% Cash, Acquired 08/18, Due 03/25) 7,879,699 7,843,898 7,840,301

7,879,699 7,843,898 7,840,301

Bausch Health Companies Inc.

(0.8%)* (3) (6) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.7% Cash, Acquired 08/18, Due 05/25)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.7% Cash, Acquired 08/18, Due 05/25) 4,581,718 4,600,701 4,604,627

4,581,718 4,600,701 4,604,627

BDP International, Inc.

(f/k/a BDP Buyer, LLC) (4.3%)* (5) (7) (8)

Air Freight & Logistics

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 12/18, Due 12/24)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 12/18, Due 12/24) 24,750,000 24,326,180 24,449,263

24,750,000 24,326,180 24,449,263

Benify (Bennevis AB)

High Tech Industries

First Lien Senior Secured Term Loan (STIBOR + 5.75%, 5.85% Cash, Acquired 07/19, Due 07/26)

(0.2%)* (3) (5) (7) (8)

High Tech Industries First Lien Senior Secured Term Loan (STIBOR + 5.75%, 5.85% Cash, Acquired 07/19, Due 07/26) 1,394,029 1,363,957 1,373,219

1,394,029 1,363,957 1,373,219

Berlin Packaging LLC

Forest Products /Containers

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.7% Cash, Acquired 08/18, Due 11/25)

(1.5%)* (4) (5) (6) (8)

Forest Products /Containers First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.7% Cash, Acquired 08/18, Due 11/25) 8,372,500 8,389,597 8,297,734

8,372,500 8,389,597 8,297,734

Blackhawk Network Holdings Inc.

Data Processing & Outsourced Services

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 11/18, Due 06/25)

(0.9%)* (6) (8)

Data Processing & Outsourced Services First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 11/18, Due 06/25) 4,962,217 4,962,217 4,957,056

4,962,217 4,962,217 4,957,056

Brown Machine Group Holdings, LLC (0.9%)* (5) (7) (8)

Industrial Equipment

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 10/18, Due 10/24)

Industrial Equipment First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 10/18, Due 10/24) 5,286,022 5,231,847 5,016,305

5,286,022 5,231,847 5,016,305

Cadent, LLC (f/k/a Cross MediaWorks) (1.4%)* (5) (7) (8)

Media & Entertainment

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 09/18, Due 09/23)

Media & Entertainment First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 09/18, Due 09/23) 7,866,556 7,806,344 7,827,224

7,866,556 7,806,344 7,827,224

Capital Automotive LLC (0.9%)* (6) (8)

Automotive Retail

First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 09/18, Due 03/24)

Automotive Retail First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 09/18, Due 03/24) 4,987,277 4,999,916 4,998,199

4,987,277 4,999,916 4,998,199

CM Acquisitions Holdings Inc.

2 unchanged sentences

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.5% Cash, Acquired 05/19, Due 05/25) 20,537,685 20,188,267 20,161,398

20,537,685 20,188,267 20,161,398

Confie Seguros Holding II Co.

(0.4%)* (5) (7) (8)

Insurance Brokerage Services

Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 10.4% Cash, Acquired 10/19, Due 11/25)

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company

Type of Investment (1) (2)

Insurance Brokerage Services Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 10.4% Cash, Acquired 10/19, Due 11/25) 2,500,000 2,350,797 2,312,500

2,500,000 2,350,797 2,312,500

Contabo Finco S.À R.L (0.9%)* (3) (5) (7) (8)

Internet Software and Services

First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.75% Cash, Acquired 10/19, Due 10/26)

Internet Software and Services First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.75% Cash, Acquired 10/19, Due 10/26) 5,069,246 4,853,087 4,900,448

5,069,246 4,853,087 4,900,448

Container Store Group, Inc., (The) (0.5%)* (6) (7) (8)

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.8% Cash, Acquired 09/18, Due 09/23)

Retail First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.8% Cash, Acquired 09/18, Due 09/23) 2,929,197 2,931,249 2,753,445

2,929,197 2,931,249 2,753,445

Core & Main LP (0.7%)* (6) (8)

Building Products

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 08/24)

Building Products First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 08/24) 3,979,695 3,995,692 3,978,024

3,979,695 3,995,692 3,978,024

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

CPG Intermediate LLC (0.4%)* (6) (8)

Specialty Chemicals

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 11/24)

Specialty Chemicals First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 11/24) $ 2,110,623 $ 2,112,734 $ 2,122,506

2,110,623 2,112,734 2,122,506

CPI International Inc.

Electronic Components

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 09/18, Due 07/24)

(0.8%)* (6) (8)

Electronic Components First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 09/18, Due 07/24) 4,747,070 4,753,808 4,557,187

4,747,070 4,753,808 4,557,187

Dart Buyer, Inc.

(1.8%)* (3) (5) (7) (8)

Aerospace & Defense

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 04/19, Due 04/25)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 04/19, Due 04/25) 10,571,782 10,307,197 10,315,912

10,571,782 10,307,197 10,315,912

Dimora Brands, Inc.

Building Products

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 08/24)

(0.5%)* (6) (8)

Building Products First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 08/24) 2,941,442 2,944,373 2,919,381

2,941,442 2,944,373 2,919,381

Distinct Holdings, Inc.

(1.3%)* (5) (7) (8)

Systems Software

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 04/19, Due 12/23)

Systems Software First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 04/19, Due 12/23) 7,592,719 7,509,950 7,519,228

7,592,719 7,509,950 7,519,228

Duff & Phelps Corporation (1.2%)* (4) (6) (8)

Research & Consulting Services

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 09/18, Due 02/25)

Research & Consulting Services First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 09/18, Due 02/25) 6,754,286 6,769,081 6,725,310

6,754,286 6,769,081 6,725,310

Edelman Financial Center, LLC, The (f/k/a Edelman Financial Group, Inc.) (0.9%)* (6) (8)

Investment Banking & Brokerage

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 09/18, Due 07/25)

Investment Banking & Brokerage First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 09/18, Due 07/25) 4,962,406 4,999,143 4,986,176

4,962,406 4,999,143 4,986,176

Endo International PLC (1.3%)* (3) (4) (6) (8)

Pharmaceuticals

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.1% Cash, Acquired 09/18, Due 04/24)

Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.1% Cash, Acquired 09/18, Due 04/24) 7,878,788 7,939,415 7,524,242

7,878,788 7,939,415 7,524,242

Exeter Property Group, LLC (2.2%)* (5) (7) (8)

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.2% Cash, Acquired 02/19, Due 08/24)

Real Estate First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.2% Cash, Acquired 02/19, Due 08/24) 12,437,500 12,276,532 12,351,037

12,437,500 12,276,532 12,351,037

ExGen Renewables IV, LLC (f/k/a Exelon Corp.) (0.5%)* (3) (6) (8)

Electric Utilities

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.9% Cash, Acquired 09/18, Due 11/24)

Electric Utilities First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.9% Cash, Acquired 09/18, Due 11/24) 2,865,257 2,888,576 2,822,278

2,865,257 2,888,576 2,822,278

Eyemart Express (0.6%)* (6) (8)

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 08/24)

Retail First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 08/24) 3,452,217 3,462,081 3,456,463

3,452,217 3,462,081 3,456,463

Fieldwood Energy LLC

Oil & Gas Equipment & Services

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 08/18, Due 04/22)

(1.5%)* (4) (5) (6) (8)

Oil & Gas Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 08/18, Due 04/22) 10,000,000 10,065,208 8,322,200

10,000,000 10,065,208 8,322,200

Filtration Group Corporation (0.8%)* (6) (8)

Industrial Machinery

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 03/25)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 03/25) 4,774,230 4,804,208 4,788,840

4,774,230 4,804,208 4,788,840

Flex Acquisition Holdings, Inc.

(1.7%)* (4) (5) (6) (8)

Paper Packaging

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.3% Cash, Acquired 08/18, Due 06/25)

Paper Packaging First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.3% Cash, Acquired 08/18, Due 06/25) 9,782,731 9,800,160 9,695,077

9,782,731 9,800,160 9,695,077

Frazer Consultants, LLC (d/b/a Tribute Technology) (1.3%)* (5) (7) (8)

Software Services

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.7% Cash, Acquired 11/19, Due 08/23)

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company

Type of Investment (1) (2)

Software Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.7% Cash, Acquired 11/19, Due 08/23) 7,742,985 7,667,700 7,684,869

7,742,985 7,667,700 7,684,869

Graftech International Ltd.

(1.6%)* (3) (4) (6) (7) (8)

Specialty Chemicals

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 02/25)

Specialty Chemicals First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 02/25) 9,013,889 9,081,525 8,980,087

9,013,889 9,081,525 8,980,087

Gulf Finance, LLC (0.1%)* (4) (8)

Oil & Gas Exploration & Production

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 10/18, Due 08/23)

Oil & Gas Exploration & Production First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 10/18, Due 08/23) 1,058,979 920,988 826,003

1,058,979 920,988 826,003

Harbor Freight Tools USA Inc.(1.0%)* (6) (8)

Specialty Stores

First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 08/18, Due 08/23)

Specialty Stores First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 08/18, Due 08/23) 5,979,675 5,931,148 5,951,870

5,979,675 5,931,148 5,951,870

Hayward Industries, Inc.

(1.4%)* (4) (6) (8)

Leisure Products

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 08/24)

Leisure Products First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 08/24) 8,221,922 8,247,578 8,147,924

8,221,922 8,247,578 8,147,924

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Heartland, LLC (0.9%)* (5) (7) (8)

Commercial Services & Supplies

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 08/19, Due 08/25)

Commercial Services & Supplies First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 08/19, Due 08/25) $ 5,504,030 $ 5,260,931 $ 5,280,431

5,504,030 5,260,931 5,280,431

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (1.2%)* (3) (5) (7) (8)

First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 09/19, Due 09/26)

Insurance First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 09/19, Due 09/26) 6,948,082 6,633,562 6,713,253

6,948,082 6,633,562 6,713,253

Hertz Corporation (The) (1.0%)* (3) (6) (8)

Rental & Leasing Services

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.6% Cash, Acquired 09/18, Due 06/23)

Rental & Leasing Services First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.6% Cash, Acquired 09/18, Due 06/23) 5,814,910 5,806,679 5,845,206

5,814,910 5,806,679 5,845,206

Holley Performance Products (Holley Purchaser, Inc.) (3.9%)* (5) (7) (8)

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 10/18, Due 10/25)

Packaging First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 10/18, Due 10/25) 22,309,650 22,020,784 22,015,260

22,309,650 22,020,784 22,015,260

Hub International Limited (0.9%)* (6) (8)

Property & Casualty Insurance

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.7% Cash, Acquired 08/18, Due 04/25)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.7% Cash, Acquired 08/18, Due 04/25) 4,962,217 4,966,855 4,955,666

4,962,217 4,966,855 4,955,666

HW Holdco, LLC (f/k/a Hanley Wood LLC) (1.3%)* (5) (7) (8)

First Lien Senior Secured Term Loan (LIBOR + 6.25%, 8.1% Cash, Acquired 12/18, Due 12/24)

Advertising First Lien Senior Secured Term Loan (LIBOR + 6.25%, 8.1% Cash, Acquired 12/18, Due 12/24) 7,584,677 7,422,931 7,447,061

7,584,677 7,422,931 7,447,061

Hyland Software Inc.

Technology Distributors

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 09/18, Due 07/24)

(0.9%)* (6) (8)

Technology Distributors First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 09/18, Due 07/24) 4,962,312 5,001,673 4,984,046

4,962,312 5,001,673 4,984,046

Hyperion Materials & Technologies, Inc.

(2.4%)* (5) (7) (8)

Industrial Machinery

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.3% Cash, Acquired 08/19, Due 08/26)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.3% Cash, Acquired 08/19, Due 08/26) 13,995,753 13,751,206 13,873,283

13,995,753 13,751,206 13,873,283

IM Analytics Holding, LLC (d/b/a NVT) (1.6%)* (5) (7) (8)

Electronic Instruments and Components

First Lien Senior Secured Term Loan (LIBOR + 6.5%, 8.4% Cash, Acquired 11/19, Due 11/23)

Electronic Instruments and Components First Lien Senior Secured Term Loan (LIBOR + 6.5%, 8.4% Cash, Acquired 11/19, Due 11/23) 9,292,112 9,201,220 9,222,019

Warrant (77,265 units, Acquired 11/19) — —

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 09/18, Due 06/21)

9,292,112 9,201,220 9,222,019

(0.4%)* (4) (8)

Healthcare First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 09/18, Due 06/21) 2,466,061 2,486,174 2,454,496

2,466,061 2,486,174 2,454,496

Infor Software Parent, LLC (0.9%)* (6) (8)

Systems Software

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.7% Cash, Acquired 08/18, Due 02/22)

Systems Software First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.7% Cash, Acquired 08/18, Due 02/22) 4,970,073 4,976,381 4,989,606

4,970,073 4,976,381 4,989,606

Institutional Shareholder Services, Inc.

(0.8%)* (5) (7) (8)

Diversified Support Services

Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 10.4% Cash, Acquired 03/19, Due 03/27)

Diversified Support Services Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 10.4% Cash, Acquired 03/19, Due 03/27) 4,951,685 4,816,340 4,840,149

4,951,685 4,816,340 4,840,149

Internet Brands, Inc.(f/k/a Micro Holding Corp.) (0.7%)* (6) (8)

Entertainment

First Lien Senior Secured Term Loan (LIBOR + 3.75%, 5.5% Cash, Acquired 08/18, Due 09/24)

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company

Type of Investment (1) (2)

Entertainment First Lien Senior Secured Term Loan (LIBOR + 3.75%, 5.5% Cash, Acquired 08/18, Due 09/24) 3,969,543 3,992,088 3,973,949

3,969,543 3,992,088 3,973,949

ION Trading Technologies Ltd.

(2.5%)* (3) (4) (6) (8)

Electrical Components & Equipment

First Lien Senior Secured Term Loan (LIBOR + 4.0%, 6.1% Cash, Acquired 08/18, Due 11/24)

Electrical Components & Equipment First Lien Senior Secured Term Loan (LIBOR + 4.0%, 6.1% Cash, Acquired 08/18, Due 11/24) 14,773,869 14,745,732 14,145,980

14,773,869 14,745,732 14,145,980

IRB Holding Corporation (0.7%)* (6) (8)

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 08/18, Due 02/25)

Food Retail First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 08/18, Due 02/25) 3,969,697 3,984,302 3,990,657

3,969,697 3,984,302 3,990,657

Jade Bidco Limited (4.2%)* (3) (5) (7) (8)

Aerospace & Defense

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 11/19, Due 12/26)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 11/19, Due 12/26) 20,933,517 20,363,170 20,377,010

First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 11/19, Due 12/26) 3,748,582 3,581,938 3,648,928

24,682,099 23,945,108 24,025,938

Jaguar Holding Company I

Life Sciences Tools & Services

First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 08/18, Due 08/22)

(0.9%)* (6) (8)

Life Sciences Tools & Services First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 08/18, Due 08/22) 4,922,680 4,923,566 4,945,620

4,922,680 4,923,566 4,945,620

Kenan Advantage Group Inc.

(1.1%)* (4) (5) (6) (8)

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 07/22)

Trucking First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 07/22) 6,203,297 6,200,149 6,145,172

6,203,297 6,200,149 6,145,172

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Kene Acquisition, Inc.

(1.1%)* (5) (7) (8)

Oil & Gas Equipment & Services

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.2% Cash, Acquired 08/19, Due 08/26)

Oil & Gas Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.2% Cash, Acquired 08/19, Due 08/26) $ 6,635,895 $ 6,488,912 $ 6,490,475

6,635,895 6,488,912 6,490,475

K-Mac Holdings Corp.

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 03/25)

Application Software

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.9% Cash, Acquired 08/18, Due 11/23)

(0.2%)* (6) (8)

Restaurants First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 03/25) 994,342 997,356 979,925

994,342 997,356 979,925

(1.1%)* (6) (8)

Application Software First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.9% Cash, Acquired 08/18, Due 11/23) 5,998,096 6,018,120 6,024,727

5,998,096 6,018,120 6,024,727

LAC Intermediate, LLC (f/k/a Lighthouse Autism Center) (1.4%)* (5) (7) (8)

Healthcare & Pharmaceuticals

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 10/18, Due 10/24)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 10/18, Due 10/24) 7,887,705 7,666,906 7,550,895

Class A LLC Units (154,320 units, Acquired 10/18) 154,320 163,135

7,887,705 7,821,226 7,714,030

LTI Holdings, Inc.

(1.9%)* (4) (6) (8)

Industrial Conglomerates

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 09/18, Due 09/25)

Industrial Conglomerates First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 09/18, Due 09/25) 11,850,000 11,906,192 10,610,016

11,850,000 11,906,192 10,610,016

Mallinckrodt Plc (0.5%)* (3) (4) (5) (6) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.9% Cash, Acquired 08/18, Due 09/24)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.9% Cash, Acquired 08/18, Due 09/24) 3,254,149 3,243,401 2,648,519

3,254,149 3,243,401 2,648,519

MB2 Dental Solutions, LLC (0.8%)* (5) (7) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 09/19, Due 09/23)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 09/19, Due 09/23) 4,723,425 4,670,058 4,671,419

4,723,425 4,670,058 4,671,419

Media Recovery, Inc.

(0.6%)* (5) (7) (8)

Containers, Packaging and Glass

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 11/19, Due 11/25)

Containers, Packaging and Glass First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 11/19, Due 11/25) 3,233,126 3,169,337 3,176,175

3,233,126 3,169,337 3,176,175

Men's Wearhouse, Inc.

(The) (1.4%)* (4) (6) (8)

Apparel Retail

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.9% Cash, Acquired 08/18, Due 04/25)

Apparel Retail First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.9% Cash, Acquired 08/18, Due 04/25) 9,845,114 9,928,392 7,843,307

9,845,114 9,928,392 7,843,307

Nautilus Power, LLC (0.6%)* (6) (8)

Independent Power Producers & Energy Traders

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 09/18, Due 05/24)

Independent Power Producers & Energy Traders First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 09/18, Due 05/24) 3,220,650 3,234,041 3,206,157

3,220,650 3,234,041 3,206,157

Specialized Finance

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 01/24)

(1.5%)* (4) (6) (8)

Specialized Finance First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 01/24) 8,564,081 8,562,584 8,521,261

8,564,081 8,562,584 8,521,261

NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (2.1%)* (5) (7) (8)

Energy Equipment & Services

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 10/18, Due 10/25)

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company

Type of Investment (1) (2)

Energy Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 10/18, Due 10/25) 11,994,231 11,943,470 11,870,574

11,994,231 11,943,470 11,870,574

NVA Holdings, Inc.

Health Care Facilities

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 6.5% Cash, Acquired 08/18, Due 02/25)

(0.7%)* (6) (8)

Health Care Facilities First Lien Senior Secured Term Loan (LIBOR + 2.75%, 6.5% Cash, Acquired 08/18, Due 02/25) 3,979,900 3,973,472 3,975,761

3,979,900 3,973,472 3,975,761

Omaha Holdings LLC (0.9%)* (6) (8)

Auto Parts & Equipment

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 03/24)

Auto Parts & Equipment First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 03/24) 4,961,929 4,991,732 4,961,929

4,961,929 4,991,732 4,961,929

Omnitracs, LLC (0.8%)* (6) (8)

Application Software

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.7% Cash, Acquired 08/18, Due 03/25)

Application Software First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.7% Cash, Acquired 08/18, Due 03/25) 4,619,141 4,606,867 4,600,387

4,619,141 4,606,867 4,600,387

Options Technology Ltd.

(1.9%)* (3) (5) (7) (8)

Computer Services

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.5% Cash, Acquired 12/19, Due 12/25)

Computer Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.5% Cash, Acquired 12/19, Due 12/25) 11,090,100 10,810,546 10,838,484

11,090,100 10,810,546 10,838,484

Ortho-Clinical Diagnostics Bermuda Co.

(2.0%)* (4) (6) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.3% Cash, Acquired 08/18, Due 06/25)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.3% Cash, Acquired 08/18, Due 06/25) 11,286,170 11,289,852 11,142,722

11,286,170 11,289,852 11,142,722

Pare SAS (SAS Maurice MARLE) (2.4%)* (3) (5) (7) (8)

Health Care Equipment

First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 5.75% Cash, 1.0% PIK, Acquired 12/19, Due 12/26)

Health Care Equipment First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 5.75% Cash, 1.0% PIK, Acquired 12/19, Due 12/26) 13,918,994 13,521,804 13,640,614

13,918,994 13,521,804 13,640,614

PAREXEL International Corp.

(1.1%)* (4) (6) (8)

Pharmaceuticals

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.6% Cash, Acquired 09/18, Due 09/24)

Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.6% Cash, Acquired 09/18, Due 09/24) 6,680,843 6,655,192 6,544,821

6,680,843 6,655,192 6,544,821

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Penn Engineering & Manufacturing Corp.

Industrial Conglomerates

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 06/24)

(0.3%)* (6) (8)

Industrial Conglomerates First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 06/24) $ 1,684,725 $ 1,696,539 $ 1,682,619

1,684,725 1,696,539 1,682,619

PeroxyChem Holdings, L.P.

(1.5%)* (5) (7) (8)

Diversified Chemicals

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.1% Cash, Acquired 10/19, Due 09/24)

Diversified Chemicals First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.1% Cash, Acquired 10/19, Due 09/24) 8,415,118 8,374,666 8,384,879

8,415,118 8,374,666 8,384,879

Phoenix Services International LLC (0.5%)* (6) (8)

First Lien Senior Secured Term Loan (LIBOR + 3.75%, 5.5% Cash, Acquired 08/18, Due 03/25)

Steel First Lien Senior Secured Term Loan (LIBOR + 3.75%, 5.5% Cash, Acquired 08/18, Due 03/25) 2,954,887 2,964,982 2,757,885

2,954,887 2,964,982 2,757,885

PODS Enterprises, Inc.

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 12/24)

(0.9%)* (6) (8)

Packaging First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 12/24) 4,961,943 4,975,275 4,982,088

4,961,943 4,975,275 4,982,088

Premier Technical Services Group (0.5%)* (3) (5) (7) (8)

Construction & Engineering

First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.5% Cash, Acquired 08/19, Due 08/26)

Construction & Engineering First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.5% Cash, Acquired 08/19, Due 08/26) 2,875,549 2,533,643 2,752,808

2,875,549 2,533,643 2,752,808

Pro Mach Inc.

(1.0%)* (5) (6) (8)

Industrial Machinery

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 08/18, Due 03/25)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 08/18, Due 03/25) 5,909,774 5,893,603 5,847,013

5,909,774 5,893,603 5,847,013

ProAmpac Intermediate Inc.

(1.7%)* (4) (6) (8)

Packaged Foods & Meats

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.4% Cash, Acquired 08/18, Due 11/23)

Packaged Foods & Meats First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.4% Cash, Acquired 08/18, Due 11/23) 9,846,482 9,857,895 9,680,372

9,846,482 9,857,895 9,680,372

Process Equipment, Inc.

(1.1%)* (5) (7) (8)

Industrial Air & Material Handling Equipment

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 03/19, Due 03/25)

Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 03/19, Due 03/25) 6,762,500 6,635,562 6,546,325

6,762,500 6,635,562 6,546,325

Professional Datasolutions, Inc.

(PDI) (4.0%)* (5) (7) (8)

Application Software

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 03/19, Due 10/24)

Application Software First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 03/19, Due 10/24) 23,158,008 23,120,723 22,879,936

23,158,008 23,120,723 22,879,936

PSC UK Pty Ltd.

(0.6%)* (3) (5) (7) (8)

Insurance Services

First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 6.3% Cash, Acquired 11/19, Due 11/24)

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company

Type of Investment (1) (2)

Insurance Services First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 6.3% Cash, Acquired 11/19, Due 11/24) 3,625,921 3,396,509 3,494,295

3,625,921 3,396,509 3,494,295

Qlik Technologies Inc.

(Alpha Intermediate Holding, Inc.) (0.9%)* (6) (8)

Application Software

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.5% Cash, Acquired 08/18, Due 04/24)

Application Software First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.5% Cash, Acquired 08/18, Due 04/24) 4,974,555 4,974,727 4,977,689

4,974,555 4,974,727 4,977,689

Red Ventures, LLC (1.0%)* (6) (8)

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 11/24)

Advertising First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 11/24) 5,954,774 5,985,039 5,990,919

5,954,774 5,985,039 5,990,919

RedPrairie Holding, Inc.

Computer Storage & Peripherals

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.6% Cash, Acquired 09/18, Due 10/23)

(0.9%)* (6) (8)

Computer Storage & Peripherals First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.6% Cash, Acquired 09/18, Due 10/23) 4,961,637 4,990,946 4,989,571

4,961,637 4,990,946 4,989,571

Renaissance Learning, Inc.

Application Software

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 08/18, Due 05/25)

(0.9%)* (6) (8)

Application Software First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 08/18, Due 05/25) 5,391,318 5,387,730 5,354,711

5,391,318 5,387,730 5,354,711

Reynolds Group Holdings Ltd.

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 02/23)

(0.9%)* (6) (8)

Packaging First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 02/23) 4,961,637 4,979,527 4,973,297

4,961,637 4,979,527 4,973,297

Ruffalo Noel Levitz, LLC (1.7%)* (5) (7) (8)

Media Services

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 01/19, Due 05/22)

Media Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 01/19, Due 05/22) 9,714,617 9,607,656 9,641,334

9,714,617 9,607,656 9,641,334

Scaled Agile, Inc.

(0.9%)* (5) (7) (8)

Research & Consulting Services

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 06/19, Due 06/24)

Research & Consulting Services First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 06/19, Due 06/24) 4,986,980 4,940,603 4,941,809

4,986,980 4,940,603 4,941,809

SCI Packaging Inc.

Metal & Glass Containers

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 08/18, Due 04/24)

(0.9%)* (6) (8)

Metal & Glass Containers First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 08/18, Due 04/24) 4,961,832 4,952,139 4,940,149

4,961,832 4,952,139 4,940,149

Seadrill Ltd.

(0.9%)* (3) (4) (8)

Oil & Gas Equipment & Services

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 09/18, Due 02/21)

Oil & Gas Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 09/18, Due 02/21) 9,809,097 9,508,856 4,883,066

9,809,097 9,508,856 4,883,066

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Seaworld Entertainment, Inc.

(1.0%)* (3) (6) (8)

Leisure Facilities

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 03/24)

Leisure Facilities First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 03/24) $ 5,954,081 $ 5,945,241 $ 5,978,910

5,954,081 5,945,241 5,978,910

Serta Simmons Bedding LLC (0.6%)* (4) (5) (8)

Home Furnishings

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.2% Cash, Acquired 10/19, Due 11/23)

Home Furnishings First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.2% Cash, Acquired 10/19, Due 11/23) 4,961,929 3,927,986 3,184,963

4,961,929 3,927,986 3,184,963

SIWF Holdings, Inc.

(1.6%)* (4) (6) (8)

Home Furnishings

First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 08/18, Due 06/25)

Home Furnishings First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 08/18, Due 06/25) 9,350,501 9,403,797 9,303,749

9,350,501 9,403,797 9,303,749

SK Blue Holdings, LP (0.7%)* (6) (7) (8)

Commodity Chemicals

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.8% Cash, Acquired 09/18, Due 10/25)

Commodity Chemicals First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.8% Cash, Acquired 09/18, Due 10/25) 4,160,612 4,158,472 4,129,407

4,160,612 4,158,472 4,129,407

Smile Brands Group Inc.

(0.9%)* (5) (7) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.6% Cash, Acquired 10/18, Due 10/24)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.6% Cash, Acquired 10/18, Due 10/24) 5,390,141 5,339,191 5,293,980

5,390,141 5,339,191 5,293,980

Solenis International, LLC (f/k/a

Solenis Holdings, L.P.) (1.4%)* (5) (6) (8)

Specialty Chemicals

First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.9% Cash, Acquired 08/18, Due 06/25)

Specialty Chemicals First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.9% Cash, Acquired 08/18, Due 06/25) 7,880,000 7,922,706 7,781,500

7,880,000 7,922,706 7,781,500

SonicWALL, Inc.

Internet Software & Services

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.4% Cash, Acquired 08/18, Due 05/25)

(0.8%)* (6) (8)

Internet Software & Services First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.4% Cash, Acquired 08/18, Due 05/25) 4,455,000 4,457,031 4,336,185

4,455,000 4,457,031 4,336,185

Springbrook Software (SBRK Intermediate, Inc.) (1.8%)* (5) (7) (8)

Enterprise Software and Services

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 12/19, Due 12/26)

Enterprise Software and Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 12/19, Due 12/26) 10,520,990 10,269,533 10,294,130

10,520,990 10,269,533 10,294,130

SRS Distribution, Inc.

Building Products

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 09/18, Due 05/25)

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company

Type of Investment (1) (2)

(0.9%)* (6) (8)

Building Products First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 09/18, Due 05/25) 4,974,811 4,899,772 4,930,038

4,974,811 4,899,772 4,930,038

SS&C Technologies, Inc.

(0.3%)* (3) (6) (8)

Computer & Electronics Retail

First Lien Senior Secured Term Loan (LIBOR + 2.25%, 4.0% Cash, Acquired 10/18, Due 04/25)

Computer & Electronics Retail First Lien Senior Secured Term Loan (LIBOR + 2.25%, 4.0% Cash, Acquired 10/18, Due 04/25) 1,742,327 1,738,643 1,753,042

1,742,327 1,738,643 1,753,042

Syniverse Holdings, Inc.

(1.7%)* (4) (6) (8)

Technology Distributors

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.8% Cash, Acquired 08/18, Due 03/23)

Technology Distributors First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.8% Cash, Acquired 08/18, Due 03/23) 10,342,105 10,306,230 9,612,573

10,342,105 10,306,230 9,612,573

Tahoe Subco 1 Ltd.

(2.6%)* (3) (4) (6) (8)

Internet Software & Services

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.7% Cash, Acquired 09/18, Due 06/24)

Internet Software & Services First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.7% Cash, Acquired 09/18, Due 06/24) 14,800,754 14,806,789 14,677,463

14,800,754 14,806,789 14,677,463

Team Health Holdings, Inc.

(1.0%)* (4) (6) (8)

Health Care Services

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 02/24)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 02/24) 6,893,671 6,679,490 5,560,159

6,893,671 6,679,490 5,560,159

Tempo Acquisition LLC (1.0%)* (6) (8)

Investment Banking & Brokerage

First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 05/24)

Investment Banking & Brokerage First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 05/24) 5,589,753 5,606,977 5,618,876

5,589,753 5,606,977 5,618,876

The Hilb Group, LLC (1.8%)* (5) (7) (8)

Insurance Brokerage

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.4% Cash, Acquired 12/19, Due 12/26)

Insurance Brokerage First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.4% Cash, Acquired 12/19, Due 12/26) 10,357,834 10,029,427 10,049,762

10,357,834 10,029,427 10,049,762

Total Safety U.S.

Diversified Support Services

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 11/19, Due 08/25)

(0.8%)* (5) (8)

Diversified Support Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 11/19, Due 08/25) 4,937,500 4,668,972 4,650,533

4,937,500 4,668,972 4,650,533

Transportation Insight, LLC (3.9%)* (5) (7) (8)

Air Freight & Logistics

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.3% Cash, Acquired 08/18, Due 12/24)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.3% Cash, Acquired 08/18, Due 12/24) 22,286,485 22,088,329 22,245,067

22,286,485 22,088,329 22,245,067

Truck-Lite Co., LLC (3.7%)* (5) (7) (8)

Automotive Parts and Equipment

First Lien Senior Secured Term Loan (LIBOR + 6.25%, 8.1% Cash, Acquired 12/19, Due 12/24)

Automotive Parts and Equipment First Lien Senior Secured Term Loan (LIBOR + 6.25%, 8.1% Cash, Acquired 12/19, Due 12/24) 21,794,872 21,298,442 21,337,947

21,794,872 21,298,442 21,337,947

Trystar, LLC (2.9%)* (5) (7) (8)

Power Distribution Solutions

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 09/18, Due 09/23)

Power Distribution Solutions First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 09/18, Due 09/23) 15,999,318 15,782,579 15,963,771

LLC Units (361.5 units, Acquired 09/18) 361,505 597,581

15,999,318 16,144,084 16,561,352

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Anesthesia Partners, Inc.

(2.4%)* (4) (6) (8)

Managed Health Care

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 06/24)

Managed Health Care First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 06/24) $ 13,585,533 $ 13,637,823 $ 13,534,587

13,585,533 13,637,823 13,534,587

Silica Company (0.2%)* (3) (4) (5) (8)

Metal & Glass Containers

First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.8% Cash, Acquired 08/18, Due 05/25)

Metal & Glass Containers First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.8% Cash, Acquired 08/18, Due 05/25) 1,502,945 1,506,348 1,324,200

1,502,945 1,506,348 1,324,200

USF Holdings LLC (0.5%)* (6) (7) (8)

Auto Parts & Equipment

First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 12/21)

Auto Parts & Equipment First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 12/21) 3,224,841 3,233,041 2,902,357

3,224,841 3,233,041 2,902,357

USIC Holdings, Inc.

(1.2%)* (5) (6) (8)

Packaged Foods & Meats

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 08/18, Due 12/23)

Packaged Foods & Meats First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 08/18, Due 12/23) 6,896,886 6,925,717 6,866,746

6,896,886 6,925,717 6,866,746

USI Holdings Corp.

Property & Casualty Insurance

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.9% Cash, Acquired 08/18, Due 05/24)

(0.9%)* (6) (8)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.9% Cash, Acquired 08/18, Due 05/24) 4,961,929 4,956,994 4,956,967

4,961,929 4,956,994 4,956,967

USLS Acquisition, Inc.

(f/k/a US Legal Support, Inc.) (2.8%)* (5) (7) (8)

Legal Services

First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 11/18, Due 11/24)

Legal Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 11/18, Due 11/24) 16,513,432 16,260,417 16,107,839

16,513,432 16,260,417 16,107,839

Validity, Inc.

(0.7%)* (5) (7) (8)

IT Consulting & Other Services

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 07/19, Due 05/25)

IT Consulting & Other Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 07/19, Due 05/25) 4,178,543 3,989,821 3,977,081

4,178,543 3,989,821 3,977,081

Venator Materials LLC (0.3%)* (3) (6) (8)

Commodity Chemicals

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 08/24)

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company

Type of Investment (1) (2)

Commodity Chemicals First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 08/24) 1,562,199 1,566,972 1,547,873

1,562,199 1,566,972 1,547,873

Veritas Bermuda Intermediate Holdings Ltd.

Technology Distributors

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.3% Cash, Acquired 09/18, Due 01/23)

(0.8%)* (6) (8)

Technology Distributors First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.3% Cash, Acquired 09/18, Due 01/23) 4,961,735 4,784,696 4,767,235

4,961,735 4,784,696 4,767,235

VF Holding Corp.

(2.1%)* (4) (5) (6) (8)

Systems Software

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 08/18, Due 07/25)

Systems Software First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 08/18, Due 07/25) 11,880,000 11,885,248 11,728,768

11,880,000 11,885,248 11,728,768

Wilsonart, LLC (0.9%)* (6) (8)

Building Products

First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 11/18, Due 12/23)

Building Products First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 11/18, Due 12/23) 4,961,832 4,961,832 4,970,118

4,961,832 4,961,832 4,970,118

Winebow Group, LLC, (The) (1.7%)* (4) (5) (8)

Consumer Goods

First Lien Senior Secured Term Loan (LIBOR + 3.75%, 5.5% Cash, Acquired 11/19, Due 07/21)

Consumer Goods First Lien Senior Secured Term Loan (LIBOR + 3.75%, 5.5% Cash, Acquired 11/19, Due 07/21) 7,088,420 6,425,336 6,361,857

Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 9.3% Cash, Acquired 10/19, Due 01/22) 4,911,766 3,314,045 3,209,004

12,000,186 9,739,381 9,570,861

Wink Holdco, Inc.

Managed Health Care

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 12/24)

(0.7%)* (6) (8)

Semiconductor Equipment

First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 08/18, Due 12/23)

Subtotal Non–Control / Non–Affiliate Investments

Managed Health Care First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 12/24) 3,969,620 3,967,724 3,972,121

3,969,620 3,967,724 3,972,121

(0.4%)* (3) (6) (8)

Semiconductor Equipment First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 08/18, Due 12/23) 2,049,364 2,042,322 2,048,729

2,049,364 2,042,322 2,048,729

Subtotal Non–Control / Non–Affiliate Investments 1,099,631,654 1,085,886,720 1,066,845,054

Affiliate Investment:

Jocassee Partners LLC (1.8%)* (3) (5) (8)

Investment Funds & Vehicles

9.1% Member Interest, Acquired 06/19

Investment Funds & Vehicles 9.1% Member Interest, Acquired 06/19 10,158,270 10,229,813

10,158,270 10,229,813

Subtotal Affiliate Investment 10,158,270 10,229,813

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Portfolio Company Industry Type of Investment (1) (2)

Amount Cost Fair

Short-Term Investments:

1 unchanged sentence

(12.6%)* (4) (5)

Money Market Fund

Dreyfus Government Cash Management Fund (1.5% yield)

Money Market Fund Dreyfus Government Cash Management Fund (1.5% yield) $ 71,963,994 $ 71,963,994

71,963,994 71,963,994

Federated Investment Management Company (4.3%)* (6)

Money Market Fund

Federated Government Obligation Fund (1.5% yield)

Money Market Fund Federated Government Obligation Fund (1.5% yield) 24,604,946 24,604,946

24,604,946 24,604,946

Subtotal Short-Term Investments 96,568,940 96,568,940

Total Investments, December 31, 2019 (205.6%)* $ 1,099,631,654 $ 1,192,613,930 $ 1,173,643,807

1,196,200,594

1,192,613,930

1,173,643,807

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

Foreign Currency Forward Contracts:

Notional Amount to be Purchased

Notional Amount to be Sold

Settlement Date

Unrealized Appreciation (Depreciation)

Description Notional Amount to be Purchased Notional Amount to be Sold Settlement Date Unrealized Appreciation (Depreciation)

Foreign currency forward contract (EUR) $158,244 €142,781 01/02/20 $ (2,028)

4 unchanged sentences

Foreign currency forward contract (GBP) $227,890 £175,529 04/02/20 (5,215)

Foreign currency forward contract (SEK)

Foreign currency forward contract (SEK) $95,654 920,569kr 01/02/20 (2,687)

Foreign currency forward contract (SEK) 920,569kr $96,846 01/02/20 1,495

Foreign currency forward contract (SEK) $97,360 912,212kr 04/02/20 (511)

Total Foreign Currency Forward Contracts, December 31, 2019 $ (23,559)

7 unchanged sentences

The borrower may also elect to have multiple interest reset periods for each loan.

All of the Company’s portfolio company investments, which as of December 31, 2019 represented 206% of the Company’s net assets, are subject to legal restrictions on sales.

(2) All of the Company’s portfolio company investments (including joint venture and short-term investments), which as of December 31, 2019 represented 206% 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 unchanged sentences

Some or all of the investment is or will be encumbered as security for the August 2018 Credit Facility.

(4) Some or all of the investment is or will be encumbered as security for Barings BDC Senior Funding I, LLC's credit facility entered into in August 2018 with Bank of America, N.A., as subsequently amended in December 2018 and February 2020 (the "August 2018 Credit Facility").

(5) Some or all of the investment is or will be encumbered as security for the February 2019 Credit Facility.

1 unchanged sentence

(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, 2019

Transactions related to investments in non-controlled affiliates for the year ended December 31, 2019 were as follows:

Amount of Realized Gain (Loss)

Amount of Unrealized Gain (Loss)

Amount of Interest or Dividends Credited to Income(b)

December 31, 2018

Gross Additions

Gross Reductions (d)

December 31, 2019

Portfolio Company

Type of Investment(a)

Jocassee Partners LLC

9.1% Member Interest

Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) Amount of Interest or Dividends Credited to Income(b) December 31, 2018

Value Gross Additions

Portfolio Company Type of Investment(a)

Jocassee Partners LLC 9.1% Member Interest $ — $ 71,543 $ — $ — $ 10,229,813 $ — $ 10,229,813

Total Affiliate Investments $ — $ 71,543 $ — $ — $ 10,229,813 $ — $ 10,229,813