What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-08-09 compared with 2022-05-05 · 1621 added, 1804 removed, 2196 unchanged (61% of the section changed)

This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.

5 unchanged sentences

Investments at fair value:

Non-Control / Non-Affiliate investments (cost of $1,950,064 and $1,494,031 as of March 31, 2022 and December 31, 2021, respectively)

Non-Control / Non-Affiliate investments (cost of $2,025,944 and $1,494,031 as of June 30, 2022 and December 31, 2021, respectively)

$ 1,928,010 $ 1,490,113

Affiliate investments (cost of $336,327 and $267,967 as of March 31, 2022 and December 31, 2021, respectively)

Affiliate investments (cost of $307,332 and $267,967 as of June 30, 2022 and December 31, 2021, respectively)

322,321 288,069

Control investments (cost of $105,210 and $25,826 as of March 31, 2022 and December 31, 2021, respectively)

Control investments (cost of $105,791 and $25,826 as of June 30, 2022 and December 31, 2021, respectively)

138,745 22,412

1 unchanged sentence

Cash 138,092 49,987

Foreign currencies (cost of $47,990 and $34,069 as of March 31, 2022 and December 31, 2021, respectively)

Foreign currencies (cost of $60,029 and $34,069 as of June 30, 2022 and December 31, 2021, respectively)

59,678 34,266

1 unchanged sentence

Prepaid expenses and other assets 14,180 4,297

Credit support agreements (cost of $58,000 and $13,600 as of March 31, 2022 and December 31, 2021, respectively)

Credit support agreements (cost of $58,000 and $13,600 as of June 30, 2022 and December 31, 2021, respectively)

46,040 15,400

13 unchanged sentences

Commitments and contingencies (Note 7)

Common stock, $0.001 par value per share (150,000,000 shares authorized, 111,095,334 and 65,316,085 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)

Common stock, $0.001 par value per share (150,000,000 shares authorized, 109,785,892 and 65,316,085 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)

Additional paid-in capital 1,584,076 1,027,687

7 unchanged sentences

(in thousands, except share and per share data)

2022 March 31,

Six Months Ended

2022 June 30,

2021 June 30,

2022 June 30,

Investment income:

33 unchanged sentences

(in thousands, except share and per share data)

2022 March 31,

Six Months Ended

2022 June 30,

2021 June 30,

2022 June 30,

Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions:

2 unchanged sentences

Affiliate investments — — 101 (77)

Control investments (813) — (813) —

Net realized gains (losses) on investments (7,514) 553 (7,663) 3,367

8 unchanged sentences

Foreign currency transactions 30,520 (650) 35,332 3,392

Net unrealized appreciation 3,465 6,275

Net unrealized appreciation (depreciation) (44,654) 14,409 (41,188) 20,683

Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions (54,877) 14,752 (52,853) 22,865

Net increase in net assets resulting from operations $ 21,032 $ 22,488

Provision for income taxes (1,890) (2) (1,890) (1)

Net increase (decrease) in net assets resulting from operations $ (24,993) $ 29,308 $ (3,962) $ 51,796

Net investment income per share—basic and diluted $ 0.29 $ 0.22 $ 0.52 $ 0.44

Net increase in net assets resulting from operations per share—basic and diluted $ 0.25 $ 0.34

Net increase (decrease) in net assets resulting from operations per share—basic and diluted $ (0.23) $ 0.45 $ (0.04) $ 0.79

Dividends/distributions per share:

7 unchanged sentences

Capital Total Distributable Earnings (Loss) Total

Three Months Ended March 31, 2021

Three Months Ended June 30, 2021

of Shares Par

Balance, December 31, 2020 65,316,085 $ 65 $ 1,027,707 $ (309,968) $ 717,804

Balance, March 31, 2021 65,316,085 $ 65 $ 1,027,707 $ (299,890) $ 727,882

Net investment income — — — 14,558 14,558

1 unchanged sentence

Net unrealized appreciation of investments / CSA / foreign currency transactions — — — 14,409 14,409

Provision for taxes — — — (2) (2)

Dividends / distributions — — — (13,063) (13,063)

Balance, June 30, 2021 65,316,085 $ 65 $ 1,027,707 $ (283,645) $ 744,127

Common Stock Additional

Capital Total Distributable Earnings (Loss) Total

Three Months Ended June 30, 2022

of Shares Par

Balance, March 31, 2022 111,095,334 $ 111 $ 1,597,257 $ (279,812) $ 1,317,556

Net investment income — — — 31,774 31,774

Net realized loss on investments / foreign currency transactions — — — (10,223) (10,223)

Net unrealized depreciation of investments / CSAs / foreign currency transactions — — — (44,654) (44,654)

Provision for taxes — — — (1,890) (1,890)

Dividends / distributions — — — (26,506) (26,506)

Deemed contribution - from Adviser (See Note 9) — (174) — (174)

Purchases of shares in repurchase plan (1,309,442) (1) (13,007) — (13,008)

Balance, June 30, 2022 109,785,892 $ 110 $ 1,584,076 $ (331,311) $ 1,252,875

See accompanying notes.

Barings BDC, Inc.

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

(in thousands, except share amounts)

Common Stock Additional

Capital Total Distributable Earnings (Loss) Total

Three Months Ended March 31, 2022

Six Months Ended June 30, 2021

of Shares Par

1 unchanged sentence

Net investment income — — — 28,932 28,932

Net realized loss on investments / foreign currency transactions — — — (1,442) (1,442)

Net realized gain on investments / foreign currency transactions — — — 2,182 2,182

Net unrealized appreciation of investments / CSA / foreign currency transactions — — — 20,683 20,683

Provision for taxes — — — (1) (1)

Dividends / distributions — — — (25,473) (25,473)

Balance, June 30, 2021 65,316,085 $ 65 $ 1,027,707 $ (283,645) $ 744,127

Common Stock Additional

Capital Total Distributable Earnings (Loss) Total

Six Months Ended June 30, 2022

of Shares Par

Balance, December 31, 2021 65,316,085 $ 65 $ 1,027,687 $ (285,821) $ 741,931

Net investment income — — — 50,781 50,781

Net realized loss on investments / foreign currency transactions — — — (11,665) (11,665)

Net unrealized depreciation of investments / CSAs / foreign currency transactions — — — (41,188) (41,188)

Provision for taxes — — — (1,890) (1,890)

Dividends / distributions — — — (41,528) (41,528)

Deemed contribution - CSA (See Note 2) — — 44,400 — 44,400

2 unchanged sentences

Purchases of shares in repurchase plan (1,517,119) (1) (15,112) — (15,113)

Balance, March 31, 2022 111,095,334 $ 111 $ 1,597,257 $ (279,812) $ 1,317,556

Balance, June 30, 2022 109,785,892 $ 110 $ 1,584,076 $ (331,311) $ 1,252,875

See accompanying notes.

2 unchanged sentences

(in thousands)

Three Months Ended

March 31, 2022 March 31, 2021

Six Months Ended

June 30, 2022 June 30, 2021

Cash flows from operating activities:

10 unchanged sentences

Net realized loss on foreign currency transactions 4,002 1,185

Net unrealized appreciation on investments 947 (3,832)

Net unrealized depreciation of CSA 400 1,600

Net unrealized (appreciation) depreciation on investments 62,760 (16,591)

Net unrealized (appreciation) depreciation of CSAs 13,760 (700)

Net unrealized appreciation on foreign currency transactions (35,332) (3,392)

33 unchanged sentences

Unaudited Consolidated Schedule of Investments

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

Non–Control / Non–Affiliate Investments:

1WorldSync, Inc.

(1.2%)* (7) (8) (10)

IT Consulting & Other Services First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25) $ 16,474 $ 16,240 $ 16,445

IT Consulting & Other Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 7/19 7/25 $ 16,338 $ 16,121 $ 16,335 1.3 % (7)(8)(10)

16,338 16,121 16,335

Accelerant Holdings (0.4%)* (7)

Banking, Finance, Insurance & Real Estate Class A Convertible Preferred Equity (5,000 shares, Acquired 01/22) 5,000 5,103

Accelerant Holdings Banking, Finance, Insurance & Real Estate Class A Convertible Preferred Equity (5,000 shares) N/A 1/22 N/A 5,000 5,202 0.4 % (7)

Accelerate Learning, Inc.

(0.6%)* (7) (8) (10)

Education Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24) 7,568 7,492 7,442

7,568 7,492 7,442

Acclime Holdings HK Limited

(0.1%)* (3) (7) (8) (11)

Business Services First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27) 1,211 1,142 1,153

Education Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.7% Cash 12/18 12/24 7,568 7,498 7,454 0.6 % (7)(8)(9)

7,568 7,498 7,454

Accurus Aerospace Corporation (1.9%)* (7) (8) (11)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.50% PIK, Acquired 10/18, Due 10/24) 24,874 24,699 24,563

Acclime Holdings HK Limited Business services First Lien Senior Secured Term Loan LIBOR + 6.50%, 7.0% Cash 8/21 7/27 2,500 2,438 2,495 0.2 % (3)(7)(8)(11)

2,500 2,438 2,495

Acogroup (1.7%)* (3) (7) (8) (16)

Business Services First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 03/22, Due 10/26) 23,622 22,760 23,031

Accurus Aerospace Corporation Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.7% Cash 4/22 3/28 22,316 21,992 21,982 1.7 % (7)(8)(10)

Revolver LIBOR + 5.75%, 7.7% Cash 4/22 3/28 — (33) (35) — % (7)(8)(10)

Common Stock (437,623.30 shares) N/A 4/22 N/A 438 438 — % (7)

22,316 22,397 22,385

ADB Safegate (0.4%)* (3) (8) (10)

Aerospace & Defense Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 10/25) 5,500 5,113 5,118

Acogroup Business Services First Lien Senior Secured Term Loan EURIBOR + 7.50%, 7.5% Cash 3/22 10/26 22,195 22,786 21,693 1.7 % (3)(7)(8)(14)

22,195 22,786 21,693

Advantage Software Company (The), LLC (0.1%)* (7)

Advertising, Printing & Publishing Class A1 Partnership Units (8,717.76 units, Acquired 12/21) 280 902

Class A2 Partnership Units (2,248.46 units, Acquired 12/21) 72 233

Class B1 Partnership Units (8,717.76 units, Acquired 12/21) 9 6

Class B2 Partnership Units (2,248.46 units, Acquired 12/21) 2 2

Aftermath Bidco Corporation (0.7%)* (7) (8) (10)

Professional Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25) 9,425 9,307 9,227

ADB Safegate Aerospace & Defense Second Lien Senior Secured Term Loan LIBOR + 7.75%, 9.4% Cash 8/21 10/25 5,500 5,136 4,989 0.4 % (3)(8)(10)

5,500 5,136 4,989

Air Canada 2020-2 Class B Pass Through Trust (0.5%)* Airlines Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25) 6,170 6,170 6,586

Advantage Software Company (The), LLC Advertising, Printing & Publishing Class A1 Partnership Units (8,717.76 units) N/A 12/21 N/A 280 880 0.1 % (7)

Class A2 Partnership Units (2,248.46 units) N/A 12/21 N/A 72 227 — % (7)

Class B1 Partnership Units (8,717.76 units) N/A 12/21 N/A 9 — — % (7)

Class B2 Partnership Units (2,248.46 units) N/A 12/21 N/A 2 — — % (7)

Air Canada 2020-2 Class B Pass Through Trust Airlines Structured Secured Note - Class B 9.0% Cash 9/20 10/25 5,505 5,505 5,674 0.4 %

5,505 5,505 5,674

Air Comm Corporation, LLC (0.9%)* (7) (8) (10)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27) 11,539 11,299 11,319

Air Comm Corporation, LLC Aerospace & Defense First Lien Senior Secured Term Loan SOFR + 5.75%, 8.6% Cash 6/21 7/27 11,482 11,255 11,285 0.9 % (7)(8)(18)

11,482 11,255 11,285

AIT Worldwide Logistics Holdings, Inc.

Transportation Services Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/29) (8) (10)

6,460 6,328 6,320

Partnership Units (348.68 units, Acquired 04/21) 349 686

6,460 6,677 7,006

Alpine SG, LLC (2.0%)* (7) (8) (9) (31)

High Tech Industries First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 11/27) 26,957 26,418 26,418

26,957 26,418 26,418

Alpine US Bidco LLC (2.4%)* (7) (8) (9)

Agricultural Products Second Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29) 18,157 17,654 17,612

18,157 17,654 17,612

AMMC CLO 22, Limited Series 2018-22A (0.3%)* (3) (31)

Multi-Sector Holdings Subordinated Structured Notes (Residual Interest, current yield 12.61%, Acquired 02/22, Due 04/31)

Transportation Services Second Lien Senior Secured Term Loan LIBOR + 7.50%, 9.8% Cash 4/21 4/29 6,460 6,332 6,202 0.5 % (7)(8)(10)

Partnership Units (348.68 units) N/A 4/21 N/A 349 621 — % (7)

6,460 6,681 6,823

Alpine SG, LLC High Tech Industries First Lien Senior Secured Term Loan SOFR + 5.50%, 7.0% Cash 2/22 11/27 27,521 26,971 26,970 2.1 % (7)(8)(17) (32)

27,521 26,971 26,970

AMMC CLO 23, Ltd.

Series 2020-23A (0.1%)* (3) (31)

Multi-Sector Holdings Subordinated Structured Notes (Residual Interest, current yield 12.35%, Acquired 02/22, Due 10/30)

Alpine US Bidco LLC Agricultural Products Second Lien Senior Secured Term Loan LIBOR + 9.00%, 10.1% Cash 5/21 5/29 18,157 17,666 16,522 1.3 % (7)(8)(9)

18,157 17,666 16,522

AMMC CLO 22, Limited Series 2018-22A Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 12.61% 2/22 4/31 7,222 4,558 3,394 0.3 % (3)(32)

7,222 4,558 3,394

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Amtech LLC (0.2%)* (7) (8)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27) (9)

Value % of Net Assets * Notes

AMMC CLO 23, Ltd.

Series 2020-23A Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 12.35% 2/22 10/31 $ 2,000 $ 1,910 $ 1,509 0.1 % (3)(32)

2,000 1,910 1,509

Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27) (10)

Amtech LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.6% Cash 11/21 11/27 2,279 2,211 2,220 0.2 % (7)(8)(9)

Revolver LIBOR + 5.50%, 6.6% Cash 11/21 11/27 — (12) (11) — % (7)(8)(10)

2,279 2,199 2,209

Anagram Holdings, LLC (1.2%)* (3)

Chemicals, Plastics, & Rubber First Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25) 14,755 13,866 15,714

Anagram Holdings, LLC Chemicals, Plastics, & Rubber First Lien Senior Secured Note 10.0% Cash, 5.0% PIK 8/20 8/25 14,755 13,917 15,382 1.2 %

14,755 13,917 15,382

AnalytiChem Holding Gmbh (0.2%)* (3) (7) (8) (16)

Chemicals First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 12/28) 2,740 2,589 2,551

AnalytiChem Holding GmbH Chemicals First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 11/21 11/28 7,558 7,777 7,369 0.6 % (3)(7)(8)(14)

First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 11/21 12/28 723 789 705 0.1 % (3)(7)(8)(14)

First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 4/22 10/28 5,626 5,711 5,463 0.4 % (3)(7)(8)(14)

First Lien Senior Secured Term Loan LIBOR + 6.50%, 7.5% Cash 6/22 10/28 1,019 1,019 993 0.1 % (3)(7)(8)(10)

Revolver EURIBOR + 6.50%, 6.5% Cash 4/22 10/23 — (8) (9) — % (3)(7)(8)(14)

14,926 15,288 14,521

Anju Software, Inc.

(1.0%)* (7) (8) (9)

Application Software First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 02/19, Due 02/25) 13,528 13,368 12,865

13,528 13,368 12,865

AP Aristotle Holdings, LLC (0.1)* (7)

Oil Field Services Subordinated Term Loan (19.8% Cash, Acquired 12/21, Due 06/25) 1,588 1,594 1,592

1,588 1,594 1,592

Apex Bidco Limited (0.2%)* (3) (7)

Business Equipment & Services First Lien Senior Secured Term Loan (GBP LIBOR + 6.25%, 6.8% Cash, Acquired 01/20, Due 01/27) (8) (13)

1,919 1,871 1,919

Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27) 275 270 275

Application Software First Lien Senior Secured Term Loan LIBOR + 7.25%, 8.9% Cash 2/19 2/25 13,458 13,312 12,691 1.0 % (7)(8)(9)

13,458 13,312 12,691

Apidos CLO XXIV, Series 2016-24A (0.5%)* (3) (31)

Multi-Sector Holdings Subordinated Structured Notes (Residual Interest, current yield 19.24%, Acquired 02/22, Due 10/30)

Apex Bidco Limited Business Equipment & Services First Lien Senior Secured Term Loan GBP LIBOR + 6.25%, 7.4% Cash 1/20 1/27 1,770 1,872 1,770 0.1 % (3)(7)(8)(12)

Subordinated Senior Unsecured Term Loan 8.0% PIK 1/20 7/27 259 275 259 — % (3)(7)

2,029 2,147 2,029

Apidos CLO XXIV, Series 2016-24A Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 20.96% 2/22 10/30 18,358 7,222 5,884 0.5 % (3)(32)

18,358 7,222 5,884

GmbH (0.4%)* (3) (7)

Chemicals, Plastics, & Rubber First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27) (8) (16)

APOG Bidco Pty Ltd Healthcare Second Lien Senior Secured Term Loan BBSY + 7.25%, 8.4% Cash 4/22 3/30 2,134 2,277 2,091 0.2 % (3)(7)(8)(22)

2,134 2,277 2,091

Preferred Stock (13 shares, Acquired 09/21) 120 111

Common Stock (48 shares, Acquired 09/21) 12 11

GmbH Chemicals, Plastics, and Rubber First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 9/21 9/27 4,981 5,459 4,871 0.4 % (3)(7)(8)(14)

Preferred Stock (13 shares) N/A 9/21 N/A 120 102 — % (3)(7)

Common Stock (48 shares) N/A 9/21 N/A 12 10 — % (3)(7)

4,981 5,591 4,983

Apus Bidco Limited (0.3%)* (3) (7) (8) (22)

Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28) 3,793 3,877 3,725

Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SONIA + 5.50%, 7.0% Cash 2/21 3/28 3,498 3,880 3,432 0.3 % (3)(7)(8)(21)

3,498 3,880 3,432

AQA Acquisition Holding, Inc.

(1.5%)* (7) (8) (10)

High Tech Industries Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29) 20,000 19,523 19,647

20,000 19,523 19,647

Aquavista Watersides 2 LTD (0.5%)* (3) (7) (8) (22)

Transportation Services First Lien Senior Secured Term Loan (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28) 5,873 5,709 5,661

Revolver (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/22) — (3) (4)

Second Lien Senior Secured Term Loan (SONIA + 10.5% PIK, Acquired 12/21, Due 12/28) 1,468 1,447 1,436

7,341 7,153 7,093

Arch Global Precision LLC (0.7%)* (7) (8) (10)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 04/19, Due 04/26) 9,248 9,244 9,155

9,248 9,244 9,155

Archimede (0.6%)* (3) (7) (8) (16)

Consumer Services First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27) 8,234 8,767 8,094

8,234 8,767 8,094

Argus Bidco Limited (0.2%)* (3) (7) (8)

High Tech Industries First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27) (21)

2,607 2,562 2,597

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27) (10)

3,279 3,216 3,266

Armstrong Transport Group (Pele Buyer, LLC ) (0.3%)* (7) (8) (10)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24) 4,015 3,962 3,948

High Tech Industries Second Lien Senior Secured Term Loan LIBOR + 7.50%, 9.2% Cash 3/21 3/29 20,000 19,536 19,688 1.5 % (7)(8)(9)

20,000 19,536 19,688

Arrow International, Inc.

Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan SONIA + 6.00%, 6.9% Cash 12/21 12/28 5,417 5,721 5,218 0.4 % (3)(7)(8)(21)

Revolver SONIA + 6.00%, 6.9% Cash 12/21 12/22 — (1) (11) — % (3)(7)(8)(20)

Second Lien Senior Secured Term Loan SONIA + 10.5% PIK 12/21 12/28 1,429 1,526 1,395 0.1 % (3)(7)(8)(21)

6,846 7,246 6,602

Hotel, Gaming & Leisure First Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.5% Cash, Acquired 02/22, Due 12/25) 15,000 15,000 15,000

Arch Global Precision LLC Industrial Machinery First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 4/19 4/26 9,201 9,197 9,182 0.7 % (7)(8)(10)

9,201 9,197 9,182

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

ASPEQ Heating Group LLC (0.6%)* (7) (8) (9)

Building Products, Air & Heating First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25) $ 8,435 $ 8,353 $ 8,435

Value % of Net Assets * Notes

Archimede Consumer Services First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.7% Cash 10/20 10/27 $ 6,168 $ 6,440 $ 6,014 0.5 % (3)(7)(8)(15)

6,168 6,440 6,014

Astra Bidco Limited (0.2%)* (3) (7) (8) (21)

Healthcare First Lien Senior Secured Term Loan (SONIA + 5.75%, 5.8% Cash, Acquired 11/21, Due 11/28) 2,148 2,089 2,068

Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan LIBOR + 5.50%, 5.8% Cash 5/21 12/27 672 655 672 0.1 % (3)(7)(8)(10)

First Lien Senior Secured Term Loan SONIA + 5.50%, 6.2% Cash 12/20 12/27 2,405 2,564 2,405 0.2 % (3)(7)(8)(20)

3,077 3,219 3,077

Auxi International (0.2%)* (3) (7) (8)

Commercial Finance First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/19, Due 12/26) (17)

Armstrong Transport Group (Pele Buyer, LLC ) Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.2% Cash 6/19 6/24 4,000 3,952 3,939 0.3 % (7)(8)(9)

4,000 3,952 3,939

First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 04/21, Due 12/26) (22)

ASPEQ Heating Group LLC Building Products, Air & Heating First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 11/19 11/25 8,412 8,336 8,412 0.7 % (7)(8)(10)

8,412 8,336 8,412

Avance Clinical Bidco Pty Ltd (0.2%)* (3) (7) (8) (24)

Healthcare First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 11/21, Due 11/27) 2,651 2,395 2,543

Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.75%, 7.2% Cash 11/21 11/28 1,981 2,098 1,915 0.1 % (3)(7)(8)(20)

1,981 2,098 1,915

Auxi International Commercial Finance First Lien Senior Secured Term Loan EURIBOR + 7.25%, 7.3% Cash 12/19 12/26 1,464 1,523 1,320 0.1 % (3)(7)(8)(15)

First Lien Senior Secured Term Loan SONIA + 7.25%, 7.9% Cash 4/21 12/26 814 899 734 0.1 % (3)(7)(8)(21)

2,278 2,422 2,054

Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 5.50%, 6.0% Cash 11/21 11/27 2,428 2,409 2,338 0.2 % (3)(7)(8)(23)

2,428 2,409 2,338

Aviation Technical Services, Inc.

Aerospace & Defense Second Lien Senior Secured Term Loan (LIBOR + 2.0%, 2.2% Cash, 6.5% PIK, Acquired 02/22, Due 03/25) 27,042 25,699 25,690

Aerospace & Defense Second Lien Senior Secured Term Loan LIBOR + 2.00%, 3.7% Cash, 6.5% PIK 02/22 3/25 27,391 26,049 26,487 2.1 % (7)(8)(9)(32)

27,391 26,049 26,487

AVSC Holding Corp.

(0.9%)* Advertising First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 03/25) (8) (10)

4,857 4,430 4,570

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 10/26) (8) (10)

First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26) 5,651 5,542 6,518

Advertising First Lien Senior Secured Term Loan LIBOR + 3.25%, 5.1% Cash, 0.3% PIK 08/18 3/25 4,848 4,454 4,155 0.3 % (8)(10)

First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.1% Cash, 1.0% PIK 08/18 10/26 748 698 646 0.1 % (8)(10)

First Lien Senior Secured Term Loan 5.0% Cash, 10.0% PIK 11/20 10/26 5,794 5,691 6,113 0.5 %

11,390 10,843 10,914

Azalea Buyer, Inc.

Technology First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27) (8) (10)

4,606 4,500 4,507

Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27) (8) (10)

Subordinated Term Loan (12.0% PIK, Acquired 11/21, Due 05/28) 1,260 1,235 1,237

Common Stock (192,307.7 shares, Acquired 11/21) 192 192

5,866 5,918 5,927

Bariacum S.A.

(0.5%)* (3) (7) (8) (16)

Consumer Products First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28) 6,342 6,243 6,139

6,342 6,243 6,139

BDP International, Inc.

(f/k/a BDP Buyer, LLC) (2.0%)* (7) (8) (9)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24) 14,812 14,621 14,812

Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.8% Cash 11/21 11/27 4,583 4,481 4,493 0.3 % (7)(8)(10)

Revolver LIBOR + 5.25%, 6.8% Cash 11/21 11/27 58 49 50 — % (7)(8)(10)

Subordinated Term Loan 12.0% PIK 11/21 5/28 1,310 1,286 1,288 0.1 % (7)

Common Stock (192,307.7 shares) N/A 11/21 N/A 192 156 — % (7)

5,951 6,008 5,987

Benify (Bennevis AB)

Bariacum S.A Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 11/21 11/28 5,959 6,250 5,786 0.5 % (3)(7)(8)(14)

5,959 6,250 5,786

High Tech Industries First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26) 1,249 1,223 1,249

Benify (Bennevis AB) High Tech Industries First Lien Senior Secured Term Loan STIBOR + 5.25%, 5.3% Cash 7/19 7/26 1,136 1,223 1,136 0.1 % (3)(7)(8)(26)

1,136 1,223 1,136

Beyond Risk Management, Inc.

(0.2%)* (7) (8) (10)

Other Financial First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/21, Due 10/27) 2,427 2,345 2,343

2,427 2,345 2,343

Bidwax (0.6%)* (3) (7) (8) (16)

Non-durable Consumer Goods First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28) 7,789 8,069 7,603

7,789 8,069 7,603

BigHand UK Bidco Limited (0.3%)* (3) (7) (8) (21)

High Tech Industries First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 01/21, Due 01/28) 3,416 3,360 3,313

3,416 3,360 3,313

Bounteous, Inc.

(0.1%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27) 1,905 1,817 1,823

1,905 1,817 1,823

Brightline Trains Florida LLC (0.4%)* (7)

Transportation Senior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28) 5,000 5,000 4,825

Other Financial First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.8% Cash 10/21 10/27 2,560 2,488 2,484 0.2 % (7)(8)(10)

2,560 2,488 2,484

Brightpay Limited (0.2%)* (3) (7) (8) (16)

Technology First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28) 2,058 2,078 2,012

Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan EURIBOR + 6.45%, 6.5% Cash 2/21 2/28 7,318 8,076 7,150 0.6 % (3)(7)(8)(15)

7,318 8,076 7,150

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

BrightSign LLC (0.6%)* (7)

Media & Entertainment First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27) (8) (10)

Value % of Net Assets * Notes

BigHand UK Bidco Limited High Tech Industries First Lien Senior Secured Term Loan SOFR +5.50%, 6.3% Cash 1/21 1/28 $ 2,156 $ 2,095 $ 2,115 0.2 % (3)(7)(8)(17)

First Lien Senior Secured Term Loan SOFR +5.50%, 7.0% Cash 1/21 1/28 377 377 370 — % (3)(7)(8)(17)

First Lien Senior Secured Term Loan SONIA + 5.50%, 6.7% Cash 1/21 1/28 815 891 800 0.1 % (3)(7)(8)(20)

3,348 3,363 3,285

Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27) (8) (10)

LLC units (1,107,492.71 units, Acquired 10/21) 1,107 1,107

Bounteous, Inc.

Technology First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.2% Cash 8/21 8/27 1,902 1,818 1,828 0.1 % (7)(8)(10)

1,902 1,818 1,828

British Airways 2020-1 Class B Pass Through Trust (0.1%)* Airlines Structured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28) 783 783 862

British Engineering Services Holdco Limited (1.1%)* (3) (7) (8) (22)

Commercial Services & Supplies First Lien Senior Secured Term Loan (SONIA + 7.03%, 7.0% Cash, Acquired 12/20, Due 12/27) 15,097 15,094 14,689

Brightline Trains Florida LLC Transportation Senior Secured Note 8.0% Cash 8/21 1/28 5,000 5,000 4,737 0.4 % (7)

5,000 5,000 4,737

Brightpay Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 10/21 10/28 1,963 2,109 1,923 0.1 % (3)(7)(8)(14)

1,963 2,109 1,923

BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 10/21 10/27 6,777 6,716 6,601 0.5 % (7)(8)(10)

Revolver LIBOR + 5.75%, 8.0% Cash 10/21 10/27 — (12) (35) — % (7)(8)(10)

LLC units (1,107,492.71 units) N/A 10/21 N/A 1,107 1,012 0.1 % (7)

6,777 7,811 7,578

British Airways 2020-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B 8.4% Cash 11/20 11/28 756 756 813 0.1 %

British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan SONIA + 7.0%, 9.3% Cash 12/20 12/27 13,925 15,107 13,582 1.1 % (3)(7)(8)(21)

13,925 15,107 13,582

Brook & Whittle Holding Corp.

Containers, Packaging & Supplies First Lien Senior Secured Term Loan (LIBOR + 4.0%, 4.5% Cash, Acquired 02/22, Due 12/28) 1,994 1,974 1,944

Containers, Packaging & Glass First Lien Senior Secured Term Loan LIBOR + 4.00%, 5.2% Cash 2/22 12/28 2,839 2,819 2,658 0.2 % (8)(10)(32)

2,839 2,819 2,658

Brown Machine Group Holdings, LLC (0.5%)* (7) (8) (10)

Industrial Equipment First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24) 6,281 6,240 6,281

Brown Machine Group Holdings, LLC Industrial Equipment First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 10/18 10/24 6,281 6,244 6,281 0.5 % (7)(8)(10)

6,281 6,244 6,281

Cadent, LLC (f/k/a Cross MediaWorks) (0.5%)* (7) (8) (9)

Media & Entertainment First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23) 6,913 6,892 6,913

BVI Medical, Inc.

Healthcare Second Lien Senior Secured Term Loan EURIBOR + 9.50%, 9.5% Cash 6/22 6/26 9,699 9,365 9,311 0.7 % (7)(8)(14)

9,699 9,365 9,311

CAi Software, LLC (0.7%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28) 9,057 8,882 8,894

Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28) — (18) (17)

Cadent, LLC (f/k/a Cross MediaWorks) Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.7% Cash 9/18 9/23 6,751 6,734 6,751 0.5 % (7)(8)(9)

6,751 6,734 6,751

CAi Software, LLC Technology First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.4% Cash 12/21 12/28 9,034 8,865 8,854 0.7 % (7)(8)(10)

Revolver LIBOR + 6.25%, 8.4% Cash 12/21 12/27 — (17) (19) — % (7)(8)(10)

9,034 8,848 8,835

Canadian Orthodontic Partners Corp.

Healthcare First Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26) 1,703 1,741 1,666

Healthcare First Lien Senior Secured Term Loan CDOR + 6.50%, 9.7% Cash 6/21 3/26 1,645 1,737 1,593 0.1 % (3)(7)(8)(25)

Class A Equity (500,000 units) N/A 5/22 N/A 389 388 — % (3)(7)

Class C - Warrants (74,712.64 units) N/A 5/22 N/A — — — % (3)(7)

1,645 2,126 1,981

Cardenas Markets, LLC (0.1%)* (7) (8) (10) (31)

Retail First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 02/22, Due 06/27) 1,990 1,985 1,950

Cardenas Markets, LLC Retail First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 2/22 6/27 1,985 1,980 1,985 0.2 % (7)(8)(10) (32)

1,985 1,980 1,985

Carlson Travel, Inc (0.7%)* Business Travel Management First Lien Senior Secured Note (8.5% Cash, Acquired 11/21, Due 11/26) 6,050 5,670 5,959

Common Stock (94,155 shares, Acquired 11/21) 1,655 2,787

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

Caribou Holding Company, LLC Technology First Lien Senior Secured Term Loan SOFR + 7.64%, 8.6% Cash 4/22 4/27 $ 4,318 $ 4,256 $ 4,253 0.3 % (3)(7)(8)(17)

LLC Units (681,818 units) N/A 4/22 N/A 682 682 0.1 % (3)(7)

4,318 4,938 4,935

Centralis Finco S.a.r.l.

Carlson Travel, Inc Business Travel Management First Lien Senior Secured Note 8.5% Cash 11/21 11/26 6,050 5,686 5,438 0.4 %

Common Stock (94,155 shares) N/A 11/21 N/A 4,194 4,171 0.3 %

6,050 9,880 9,609

Diversified Financial Services First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/20, Due 05/27) 789 740 789

Ceres Pharma NV (0.1%)* (3) (7) (8) (17)

Pharmaceuticals First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 10/21, Due 10/28) 1,342 1,285 1,254

Centralis Finco S.a.r.l.

Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 5/20 5/27 742 741 732 0.1 % (3)(7)(8)(14)

Ceres Pharma NV Pharma-ceuticals First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 10/21 10/28 1,261 1,300 1,186 0.1 % (3)(7)(8)(14)

1,261 1,300 1,186

CGI Parent, LLC (1.4%)* (7)

Business Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28) (8) (10)

CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.9% Cash 2/22 2/28 17,751 17,415 17,441 1.4 % (7)(8)(10)

Revolver LIBOR + 5.50%, 6.9% Cash 2/22 2/28 — (31) (29) — % (7)(8)(10)

Preferred Stock (551 shares) N/A 2/22 N/A 551 806 0.1 % (7)

17,751 17,935 18,218

Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28) (8) (10)

Preferred Stock (551 shares, Acquired 02/22) 551 551

Cineworld Group PLC Leisure Products Super Senior Senior Secured Term Loan 7.0% Cash, 8.3% PIK 11/20 5/24 1,862 1,688 2,077 0.2 % (3)

Super Senior Senior Secured Term Loan LIBOR + 8.25%, 10.1% Cash 7/21 2/25 994 967 1,033 0.1 % (3)(7)(8)(11)

Warrants (553,375 units) N/A 12/20 11/25 102 57 — % (3)

2,856 2,757 3,167

Cineworld Group PLC (0.2%)* (3)

Leisure Products Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24) 1,824 1,640 2,152

Super Senior Secured Term Loan (LIBOR + 8.25% Cash, 9.3% Cash, Acquired 07/21, Due 02/25) (8) (11)

Classic Collision (Summit Buyer, LLC) Auto Collision Repair Centers First Lien Senior Secured Term Loan LIBOR + 5.25%, 8.1% Cash 1/20 1/26 6,305 6,210 6,212 0.5 % (7)(8)(11)

First Lien Senior Secured Term Loan LIBOR + 5.25%, 8.1% Cash 1/20 4/26 344 334 335 — % (7)(8)(11)

6,649 6,544 6,547

Warrants (553,375 units, Acquired 12/20) 102 84

CM Acquisitions Holdings Inc.

Internet & Direct Marketing First Lien Senior Secured Term Loan SOFR + 4.75%, 7.3% Cash 5/19 5/25 19,018 18,838 18,771 1.5 % (7)(8)(17)

19,018 18,838 18,771

Classic Collision (Summit Buyer, LLC) (0.5%)* (7) (8) (10)

Auto Collision Repair Centers First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/26) 6,640 6,528 6,526

CMT Opco Holding, LLC (Concept Machine) Distributors First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.8% Cash 1/20 1/25 4,134 4,088 4,006 0.3 % (7)(8)(11)

LLC Units (8,782 units) N/A 1/20 N/A 352 175 — % (7)

4,134 4,440 4,181

CM Acquisitions Holdings Inc.

Coastal Marina Holdings, LLC Other Financial Subordinated Term Loan 10.0% PIK 11/21 11/31 5,023 4,601 4,561 0.4 % (7)

Subordinated Term Loan 8.00% Cash 11/21 11/31 13,044 11,893 11,830 0.9 % (7)

LLC Units (547,591.0 units) N/A 11/21 N/A 9,045 10,140 0.8 % (7)

18,067 25,539 26,531

Internet & Direct Marketing First Lien Senior Secured Term Loan (SOFR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25) 19,106 18,911 18,819

Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.5% Cash 11/21 11/28 1,303 1,274 1,278 0.1 % (3)(7)(8)(10)

1,303 1,274 1,278

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

CMT Opco Holding, LLC (Concept Machine) (0.3%)* (7) (8)

Distributors First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25) (10)

$ 4,144 $ 4,094 $ 3,894

LLC Units (8,782 units, Acquired 01/20) 352 72

4,144 4,446 3,966

Coastal Marina Holdings, LLC (1.4%)* (7)

Other Financial Subordinated Term Loan (10.0% PIK, Acquired 11/21, Due 11/31) 4,901 4,472 4,447

Subordinated Term Loan (8.0% Cash, Acquired 11/21, Due 11/31) 13,044 11,873 11,830

LLC Units (547,591 units, Acquired 11/21) 1,643 2,177

17,945 17,988 18,454

Cobham Slip Rings SAS (0.1%)* (3) (7) (8) (10)

Diversified Manufacturing First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 11/21, Due 11/28) 1,303 1,273 1,276

1,303 1,273 1,276

Command Alkon (Project Potter Buyer, LLC) (1.0%)* (7)

Software First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27) (8) (9)

Value % of Net Assets * Notes

Command Alkon (Project Potter Buyer, LLC) Software First Lien Senior Secured Term Loan LIBOR + 7.0%, 8.7% Cash 4/20 4/26 $ 1,622 $ 1,583 $ 1,596 0.1 % (7)(8)(9)

First Lien Senior Secured Term Loan LIBOR + 7.0%, 8.7% Cash 4/20 4/27 12,087 11,808 11,894 0.9 % (7)(8)(9)

Class B Partnership Units (33,324.69 units) N/A 4/20 N/A — 237 — % (7)

13,709 13,391 13,727

Class A Units (90.384 units, Acquired 04/20) 90 101

Class B Units (33,324.69 units, Acquired 04/20) — 199

Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan 11.0% Cash, 1.0% PIK 4/22 10/25 376 369 368 — % (7)

LLC Units (46,085.6 units) N/A 4/22 N/A 125 127 — % (7)

Comply365, LLC Technology First Lien Senior Secured Term Loan SOFR + 5.50%, 6.5% Cash 4/22 4/28 13,723 13,456 13,448 1.0 % (7)(8)(17)

Revolver SOFR + 5.50%, 6.5% Cash 4/22 4/28 — (21) (22) — % (7)(8)(17)

13,723 13,435 13,426

Contabo Finco S.À R.L (0.4%)* (3) (7) (8) (16)

Internet Software & Services First Lien Senior Secured Term Loan (EURIBOR 5.25%, 5.3% Cash, Acquired 11/21, Due 10/26) 5,821 5,768 5,733

Contabo Finco S.À R.L Internet Software & Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 11/21 10/26 5,469 5,804 5,457 0.4 % (3)(7)(8)(14)

5,469 5,804 5,457

Core Scientific, Inc.

(1.5%)* (3) (7)

Technology First Lien Senior Secured Term Loan (9.8% Cash, Acquired 03/22, Due 03/25) 20,000 20,200 20,000

20,000 20,200 20,000

Coyo Uprising GmbH (0.4%)* (3) (7)

First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, 3.5% PIK, Acquired 09/21, Due 09/28) (8) (16)

Technology First Lien Senior Secured Term Loan 9.8% Cash 3/22 3/25 30,444 30,728 29,714 2.3 % (3)(7)

30,444 30,728 29,714

Class A Units (440.0 units, Acquired 09/21) 205 199

Class B Units (191.0 units, Acquired 09/21) 446 523

Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash, 3.5% PIK 9/21 9/28 3,872 4,213 3,776 0.3 % (3)(7)(8)(14)

Class A Units (440.0 units) N/A 9/21 N/A 205 188 — % (3)(7)

Class B Units (191.0 units) N/A 9/21 N/A 446 500 — % (3)(7)

3,872 4,864 4,464

CPI International, Inc.

(0.6%)* (7) (8) (10) (31)

Aerospace & Defense Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.3% Cash, Acquired 02/22, Due 07/25) 8,575 7,975 7,975

Aerospace & Defense Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.5% Cash 2/22 7/25 8,575 7,975 8,147 0.6 % (7)(8)(10) (32)

8,575 7,975 8,147

Crash Champions (0.9%)* (7) (8) (10)

Automotive First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25) 11,609 11,262 11,129

Crash Champions, LLC Automotive First Lien Senior Secured Term Loan SOFR + 5.00%, 7.2% Cash 5/21 8/25 21,556 20,881 20,679 1.6 % (7)(8)(17)

21,556 20,881 20,679

CSL DualCom (0.1%)* (3) (7) (8) (14)

Tele-communications First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27) 1,304 1,205 1,270

CSL DualCom Tele-communications First Lien Senior Secured Term Loan SONIA + 5.50%, 6.7% Cash 09/20 9/27 1,203 1,208 1,177 0.1 % (3)(7)(8)(19)

1,203 1,208 1,177

CT Technologies Intermediate Holdings, Inc.

(0.4%)* (8) (9) (31)

Healthcare First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.0% Cash, Acquired 02/22, Due 12/25) 4,975 4,968 4,924

4,975 4,968 4,924

Custom Alloy Corporation (2.2%)* (7) (29)

Manufacturer of Pipe Fittings & Forgings Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22) (28)

52,244 42,162 26,122

Revolver (15.0% PIK, Acquired 12/20, Due 04/22) (28)

4,940 4,222 2,470

57,184 46,384 28,592

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

Capital Equipment First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28) (16)

1,947 1,928 1,903

First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28) (19)

Healthcare First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 2/22 12/25 4,962 4,955 4,627 0.4 % (8)(9)(32)

4,962 4,955 4,627

6-Month Bridge Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/22) (16)

Custom Alloy Corporation Manufacturer of Pipe Fittings & Forgings Revolver 15.0% PIK 12/20 4/23 5,125 4,222 487 — % (7)(29)(30)

Second Lien Loan 15.0% PIK 12/20 4/23 54,203 42,162 5,154 0.4 % (7)(29)(30)

59,328 46,384 5,641

CW Group Holdings, LLC (0.2%)* (7)

High Tech Industries First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27) (8) (10)

CVL 3 Capital Equipment First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 12/21 12/28 889 934 870 0.1 % (3)(7)(8)(14)

First Lien Senior Secured Term Loan SOFR + 5.50%, 6.4% Cash 12/21 12/28 1,142 1,115 1,119 0.1 % (3)(7)(8)(17)

2,031 2,049 1,989

LLC Units (161,290.32 units, Acquired 01/21) 161 99

CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.7% Cash 1/21 1/27 2,803 2,753 2,708 0.2 % (7)(8)(9)

LLC Units (161,290.32 units) N/A 1/21 N/A 161 108 — % (7)

2,803 2,914 2,816

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Dart Buyer, Inc.

(1.0%)* (7) (8) (10)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 04/19, Due 04/25) $ 13,438 $ 13,280 $ 13,438

13,438 13,280 13,438

Value % of Net Assets * Notes

DataOnline Corp.

(1.3%)* (7) (8) (10) (31)

High Tech Industries First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 02/22, Due 11/25) 14,700 14,700 14,700

Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 02/22, Due 11/25) 2,143 2,143 2,143

16,843 16,843 16,843

DecksDirect, LLC (0.1%)* (7)

Building Materials First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26) (8) (9)

Revolver (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26) (8) (10)

LLC Units (1,280.8 units, Acquired 12/21) 55 55

Discovery Education, Inc.

(0.9%)* (7) (8) (10)

Publishing First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26) 11,785 11,622 11,785

High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.8% Cash 2/22 11/25 $ 14,625 $ 14,625 $ 14,333 1.1 % (7)(8)(10) (32)

Revolver LIBOR + 6.25%, 8.5% Cash 2/22 11/25 2,143 2,143 2,100 0.2 % (7)(8)(10) (32)

16,768 16,768 16,433

DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.7% Cash 12/21 12/26 709 696 689 0.1 % (7)(8)(9)

Revolver LIBOR + 6.00%, 7.7% Cash 12/21 12/26 65 62 59 — % (7)(8)(9)

LLC Units (1,280.8 units) N/A 12/21 N/A 55 38 — % (7)

Distinct Holdings, Inc.

(0.5%)* (7) (8) (9)

Systems Software First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23) 6,880 6,845 6,687

6,880 6,845 6,687

Dragon Bidco (0.8%)* (3) (7) (8) (17)

Technology First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28) 11,127 10,883 10,848

11,127 10,883 10,848

DreamStart Bidco SAS (d/b/a SmartTrade) (0.2%)* (3) (7) (8) (17)

Diversified Financial Services First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/20, Due 03/27) 2,366 2,297 2,341

Systems Software First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 4/19 12/23 6,880 6,850 6,715 0.5 % (7)(8)(9)

6,880 6,850 6,715

Dryden 43 Senior Loan Fund, Series 2016-43A (0.2%)* (3) (31)

Multi-Sector Holdings Subordinated Structured Notes (Residual Interest, current yield 10.8%, Acquired 02/22, Due 04/34)

Dragon Bidco Technology First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 4/21 4/28 3,659 3,968 3,577 0.3 % (3)(7)(8)(15)

3,659 3,968 3,577

DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 3/20 3/27 2,223 2,300 2,206 0.2 % (3)(7)(8)(15)

2,223 2,300 2,206

Dryden 49 Senior Loan Fund, Series 2017-49A (0.6%)* (3) (31)

Multi-Sector Holdings Subordinated Structured Notes (Residual Interest, current yield 14.7%, Acquired 02/22, Due 07/30)

Dryden 43 Senior Loan Fund, Series 2016-43A Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 11% 2/22 4/34 3,620 2,387 2,109 0.2 % (3)(32)

3,620 2,387 2,109

Dryden 49 Senior Loan Fund, Series 2017-49A Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 12.5% 2/22 7/30 17,233 7,370 5,084 0.4 % (3)(32)

17,233 7,370 5,084

Dune Group (0.1%)* (3) (7) (8)

Health Care Equipment First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.0% Cash, Acquired 09/21, Due 09/28) (10)

Dune Group Health Care Equipment First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 9/21 9/28 121 108 111 — % (3)(7)(8)(14)

First Lien Senior Secured Term Loan LIBOR + 5.75%, 5.8% Cash 9/21 9/28 1,230 1,211 1,214 0.1 % (3)(7)(8)(10)

1,351 1,319 1,325

First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28) (16)

Dunlipharder B.V.

Technology First Lien Senior Secured Term Loan SOFR + 6.50%, 7.6% Cash 6/22 6/28 1,000 985 985 0.1 % (3)(7)(8)(16)

1,000 985 985

Dwyer Instruments, Inc.

(0.3%)* (7) (8) (10)

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 07/21, Due 07/27) 4,551 4,460 4,471

Electric First Lien Senior Secured Term Loan LIBOR + 6.0%, 8.3% Cash 7/21 7/27 4,540 4,454 4,435 0.3 % (7)(8)(10)

4,540 4,454 4,435

Echo Global Logistics, Inc.

Air Transportation Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 7.8% Cash, Acquired 11/21, Due 11/29) (8) (9)

14,469 14,224 14,246

Partnership Equity (530.92 units, Acquired 11/21) 531 531

Air Transportation Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.2% Cash 11/21 11/29 14,469 14,230 14,267 1.1 % (7)(8)(9)

Partnership Equity (530.92 units) N/A 11/21 N/A 531 707 0.1 % (7)

14,469 14,761 14,974

Ellkay, LLC (0.4%)* (7) (8) (10)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27) 4,975 4,883 4,894

Ellkay, LLC Healthcare and Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.9% Cash 9/21 9/27 4,963 4,874 4,890 0.4 % (7)(8)(10)

4,963 4,874 4,890

EMI Porta Holdco LLC (0.8%)* (7) (8) (10)

Diversified Manufacturing First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) 10,822 10,401 10,430

Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) 605 549 552

EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.1% Cash 12/21 12/27 11,548 11,143 11,174 0.9 % (7)(8)(10)

Revolver LIBOR + 5.50%, 7.1% Cash 12/21 12/27 961 907 911 0.1 % (7)(8)(10)

12,509 12,050 12,085

Entact Environmental Services, Inc.

Environmental Industries First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 2/21 12/25 5,619 5,577 5,450 0.4 % (7)(8)(10)

5,619 5,577 5,450

Environmental Industries First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25) 5,690 5,645 5,554

EPS NASS Parent, Inc.

Electrical Components & Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 4/21 4/28 6,125 6,015 6,048 0.5 % (7)(8)(10)

6,125 6,015 6,048

Envision Healthcare Corporation (0.0%)* (8) (9) (31)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.2% Cash, Acquired 02/22, Due 10/25) 48 37 32

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

EPS NASS Parent, Inc.

(0.4%)* (7) (8) (10)

Electrical Components & Equipment First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28) $ 5,798 $ 5,685 $ 5,711

5,798 5,685 5,711

eShipping, LLC (0.3%)* (7) (8)

Transportation Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27) (9)

3,854 3,744 3,759

Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27) (10)

Value % of Net Assets * Notes

eShipping, LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.4% Cash 11/21 11/27 $ 3,839 $ 3,739 $ 3,753 0.3 % (7)(8)(9)

Revolver LIBOR + 5.75%, 7.4% Cash 11/21 11/27 — (27) (23) — % (7)(8)(10)

3,839 3,712 3,730

Events Software BidCo Pty Ltd (0.1%)* (3) (7) (8) (24)

Technology First Lien Senior Secured Term Loan (BBSY + 5.5%, 5.5% Cash, Acquired 03/22, Due 03/28) 1,924 1,850 1,852

Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan BBSY + 5.50%, 7.4% Cash 3/22 3/28 1,762 1,853 1,701 0.1 % (3)(7)(8)(23)

1,762 1,853 1,701

F24 (Stairway BidCo Gmbh) (0.1%)* (3) (7) (8) (16)

Software Services First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 08/20, Due 08/27) 1,586 1,651 1,586

F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 8/20 8/27 1,588 1,751 1,588 0.1 % (3)(7)(8)(14)

1,588 1,751 1,588

Ferrellgas L.P.

(0.2%)* (3) (7)

Oil & Gas Equipment & Services OpCo Preferred Units (2,886 units, Acquired 03/21) 2,799 3,030

Oil & Gas Equipment & Services Opco Preferred Units (2,886.0 units) N/A 3/21 N/A 2,799 2,655 0.2 % (3)(7)

Fineline Technologies, Inc.

(0.1%)* (7) (8) (10)

Consumer Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28) 1,302 1,281 1,302

Consumer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 2/21 2/28 1,299 1,279 1,299 0.1 % (7)(8)(10)

1,299 1,279 1,299

Finexvet (0.1%)* (3) (7) (8) (16)

Consumer Cyclical

First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 03/22, Due 03/29) 1,536 1,458 1,467

Finexvet Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 3/22 3/29 2,122 2,162 2,063 0.2 % (3)(7)(8)(14)

2,122 2,162 2,063

FinThrive Software Intermediate Holdings Inc.

(0.5%)* Business Equipment & Services Preferred Stock (6,582.7 shares, Acquired 03/22) 7,263 7,263

FitzMark Buyer, LLC (0.3%)* (7) (8) (10)

Cargo & Transportation First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/20, Due 12/26) 4,259 4,189 4,173

4,259 4,189 4,173

Flexential Issuer, LLC (1.1%)* Information Technology Structured Secured Note - Class C (6.9% Cash, Acquired 11/21, Due 11/51) 16,000 14,822 15,040

Business Equipment & Services Preferred Stock (6,582.7 shares) 11.0% PIK 3/22 N/A 7,263 7,695 0.6 % (7)

FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan LIBOR + 4.50%, 5.5% Cash 12/20 12/26 4,237 4,171 4,165 0.3 % (7)(8)(10)

4,237 4,171 4,165

FragilePak LLC (0.4%)* (7)

Transportation Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27) (8) (10)

Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan SOFR + 7.25%, 8.8% Cash 5/22 5/30 13,692 13,422 13,418 1.0 % (7)(8)(16)

LLC Units (966.99 units) N/A 5/22 N/A 967 967 0.1 % (7)

13,692 14,389 14,385

Partnership Units (937.5 units, Acquired 05/21) 938 808

Flexential Issuer, LLC Information Technology Structured Secured Note - Class C 6.9% Cash 11/21 11/51 16,000 14,828 14,806 1.2 %

16,000 14,828 14,806

Front Line Power Construction LLC (0.3%)* Construction Machinery First Lien Senior Secured Term Loan (LIBOR + 12.5%, 13.5% Cash, Acquired 11/21, Due 11/28) (7) (8) (10)

Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan SONIA + 5.75%, 6.8% Cash 4/22 4/29 1,504 1,556 1,441 0.1 % (3)(7)(8)(20)

1,504 1,556 1,441

Common Stock (50,848 shares, Acquired 11/21) 130 94

FragilePak LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.4% Cash 5/21 5/27 4,661 4,499 4,612 0.4 % (7)(8)(9)

Partnership Units (937.5 units) N/A 5/21 N/A 938 938 0.1 % (7)

4,661 5,437 5,550

FSS Buyer LLC (0.5%)* (7)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28) (8) (10)

Front Line Power Construction LLC Construction Machinery First Lien Senior Secured Term Loan LIBOR + 12.50%, 14.0% Cash 11/21 11/28 3,990 3,786 3,890 0.3 % (7)(8)(10)

Common Stock (192,000 shares) N/A 11/21 N/A 219 121 — %

3,990 4,005 4,011

LP Interest (1,160.9 units, Acquired 08/21) 12 12

LP Units (5,104.32 units, Acquired 08/21) 51 51

FSS Buyer LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 8/21 8/28 6,878 6,754 6,779 0.5 % (7)(8)(9)

LP Interest (1,160.9 units) N/A 8/21 N/A 12 14 — % (7)

LP Units (5,104.3 units) N/A 8/21 N/A 51 60 — % (7)

6,878 6,817 6,853

GC EOS Buyer, Inc.

(0.2%)* (8) (9) (31)

Automotive First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.0% Cash, Acquired 02/22, Due 08/25) 2,481 2,479 2,448

2,481 2,479 2,448

GTM Intermediate Holdings, Inc.

(1.0%)* (7) (29)

Medical Equipment Manufacturer Second Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 12/24) 11,540 11,489 11,309

Series A Preferred Units (923,347.4 units, Acquired 12/20) 2,166 1,391

Series C Preferred Units (460,652.6 units, Acquired 12/20) 1,081 995

11,540 14,736 13,695

Gulf Finance, LLC (0.1%)* (8) (9)

Oil & Gas Exploration & Production First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 11/21, Due 08/26) 829 798 756

Hawaiian Airlines 2020-1 Class B Pass Through Certificates (0.4%)* Airlines Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25) 5,389 5,389 5,874

Automotive First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.2% Cash 2/22 8/25 2,474 2,473 2,451 0.2 % (8)(9)(32)

2,474 2,473 2,451

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Heartland Veterinary Partners, LLC (0.7%)* (7)

Healthcare Subordinated Term Loan (11.0% PIK, Acquired 11/21, Due 11/28) $ 9,343 $ 9,103 $ 9,124

9,343 9,103 9,124

Heartland, LLC (1.1%)* (7) (8) (10)

Business Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25) 14,040 13,948 13,818

14,040 13,948 13,818

Heavy Construction Systems Specialists, LLC (0.5%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27) 7,368 7,228 7,239

Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27) — (49) (46)

7,368 7,179 7,193

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (0.6%)* (3) (7) (8) (16)

Insurance First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 09/19, Due 09/26) 8,599 9,380 8,444

8,599 9,380 8,444

Highpoint Global LLC (0.4%)* (7) (29)

Government Services Second Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22) 5,461 5,440 5,461

5,461 5,440 5,461

Holland Acquisition Corp.

(0.0%)* (7) (8) (9) (28) (31)

Oil & Gas First Lien Senior Secured Term Loan (LIBOR + 9.0%, 10.0% Cash, Acquired 02/22, Due 05/22) 3,754 — —

Home Care Assistance, LLC (0.3%)* (7) (8) (10)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 03/21, Due 03/27) 3,821 3,756 3,756

3,821 3,756 3,756

HTI Technology & Industries (1.7%)* (7) (29)

Electronic Component Manufacturing Second Lien Note (12.0% Cash, 4.0% PIK, Acquired 12/20, Due 09/24) 23,068 22,429 22,560

23,068 22,429 22,560

HW Holdco, LLC (Hanley Wood LLC) (0.8%)* (7) (8) (9)

Advertising First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24) 11,068 10,877 10,852

Value % of Net Assets * Notes

GPZN II GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 6/22 6/29 $ 449 $ 427 $ 422 — % (3)(7)(8)(13)

GTM Intermediate Holdings, Inc.

Medical Equipment Manufacturer Second Lien Loan 11.0% Cash, 1.0% PIK 12/20 12/24 10,559 10,512 10,559 0.8 % (7)(30)

Series A Preferred Units (1,434,472.41 units) N/A 12/20 N/A 2,166 1,063 0.1 % (7)(30)

Series C Preferred Units (715,649.59 units) N/A 12/20 N/A 1,081 1,482 0.1 % (7)(30)

10,559 13,759 13,104

IGL Holdings III Corp.

Gulf Finance, LLC Oil & Gas Exploration & Production First Lien Senior Secured Term Loan LIBOR + 6.75%, 8.4% Cash 11/21 8/26 827 798 609 — % (8)(9)

Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan 11.0% PIK 11/21 11/23 1,189 1,157 1,160 0.1 % (7)

Subordinated Term Loan 11.0% PIK 11/21 11/28 9,170 8,969 8,989 0.7 % (7)

10,359 10,126 10,149

Commercial Printing First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26) 4,315 4,227 4,229

Heartland, LLC Business Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 8/19 8/25 14,004 13,919 13,803 1.1 % (7)(8)(10)

14,004 13,919 13,803

IM Analytics Holding, LLC (d/b/a NVT) (0.5%)* (7) (8)

Electronic Instruments & Components First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23) (10)

Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 11/21 11/27 7,368 7,234 7,251 0.6 % (7)(8)(9)

Revolver LIBOR + 5.75%, 6.8% Cash 11/21 11/27 — (47) (42) — % (7)(8)(9)

7,368 7,187 7,209

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

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) Insurance First Lien Senior Secured Term Loan EURIBOR + 5.00%, 5.0% Cash 09/19 9/26 3,166 3,676 3,116 0.2 % (3)(7)(8)(14)

3,166 3,676 3,116

IM Square (0.5%)* (3) (7) (8) (17)

Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 04/28) 6,898 7,272 6,774

Highpoint Global LLC Government Services Second Lien Note 12.0% Cash, 2.0% PIK 12/20 9/22 5,489 5,468 5,489 0.4 % (7)(30)

5,489 5,468 5,489

Infoniqa Holdings GmbH (0.2%)* (3) (7) (8) (16)

Technology First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 11/21, Due 11/28) 2,924 2,895 2,853

Holland Acquisition Corp.

Oil & Gas First Lien Senior Secured Term Loan LIBOR + 9.00%, 11.3% Cash 2/22 11/22 3,754 — — — % (7)(8)(11) (29)(32)

Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.7% Cash 3/21 3/27 3,811 3,749 3,735 0.3 % (7)(8)(9)

3,811 3,749 3,735

Innovad Group II BV (0.4%)* (3) (7) (8) (16)

Beverage, Food & Tobacco First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28) 6,121 6,327 5,583

Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan SOFR + 5.25%, 6.7% Cash 4/22 11/28 20,000 19,413 19,400 1.5 % (3)(7)(8)(18)

20,000 19,413 19,400

Innovative XCessories & Services, LLC (0.2%)* (8) (10) (31)

Automotive First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 02/22, Due 03/27) 2,946 2,892 2,762

HTI Technology & Industries Electronic Component Manufacturing Second Lien Note 12.0% Cash, 4.0% PIK 12/20 9/24 24,736 24,080 24,241 1.9 % (7)(30)

24,736 24,080 24,241

INOS 19-090 GmbH (0.4%)* (3) (7) (8) (16)

Aerospace & Defense First Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27) 5,157 5,501 5,157

HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 12/18 12/24 11,012 10,838 10,816 0.8 % (7)(8)(10)

11,012 10,838 10,816

IM Analytics Holding, LLC (d/b/a NVT) Electronic Instruments & Components First Lien Senior Secured Term Loan LIBOR + 7.00%, 8.7% Cash 11/19 11/23 8,085 8,054 6,581 0.5 % (7)(8)(9)

Warrants (68,950 units) N/A 11/19 11/26 — — — % (7)

8,085 8,054 6,581

Business First Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.5% Cash, Acquired 02/22, Due 11/24) 2,710 2,738 2,696

IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.5% Cash 5/21 4/28 2,614 2,918 2,573 0.2 % (3)(7)(8)(15)

2,614 2,918 2,573

Isagenix International, LLC (0.1%)* (8) (10) (31)

Wholesale First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 06/25) 1,645 1,208 1,033

Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 11/21 11/28 2,747 2,897 2,687 0.2 % (3)(7)(8)(14)

2,747 2,897 2,687

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

ISS#2, LLC (d/b/a Industrial Services Solutions) (0.5%)* (7) (8) (10)

Commercial Services & Supplies First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26) $ 6,720 $ 6,628 $ 6,431

Value % of Net Assets * Notes

Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan EURIBOR + 5.75%, 6.0% Cash 4/21 4/28 $ 6,193 $ 6,779 $ 5,673 0.4 % (3)(7)(8)(15)

6,193 6,779 5,673

ITI Intermodal, Inc.

Transportation Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27) (8) (10)

Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27) (8) (10)

Common Stock (1,433.37 shares, Acquired 01/22) 144 143

Ivanti Software, Inc.

Innovative XCessories & Services, LLC Automotive First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 2/22 3/27 2,931 2,877 2,357 0.2 % (8)(9)(32)

2,931 2,877 2,357

High Tech Industries Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 7.8% Cash, Acquired 02/22, Due 12/28) 6,000 5,989 5,910

INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 5.4%, 5.4% Cash 12/20 12/27 4,846 5,506 4,846 0.4 % (3)(7)(8)(14)

4,846 5,506 4,846

Jade Bidco Limited (Jane's)

Business First Lien Senior Secured Term Loan LIBOR + 7.50%, 9.2% Cash 2/22 11/24 2,696 2,725 2,676 0.2 % (8)(9)(32)

2,696 2,725 2,676

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 11/19, Due 02/29) (11)

Isagenix International, LLC Wholesale First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.9% Cash 2/22 6/25 1,579 1,160 931 0.1 % (8)(10)(32)

1,579 1,160 931

First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/19, Due 02/29) (17)

ISS#2, LLC (d/b/a Industrial Services Solutions) Commercial Services & Supplies First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 2/20 2/26 8,357 8,238 8,190 0.6 % (7)(8)(10)

8,357 8,238 8,190

ITI Intermodal, Inc.

Transportation Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.4% Cash 12/21 12/27 718 703 704 0.1 % (7)(8)(9)

Revolver LIBOR + 4.75%, 6.4% Cash 12/21 12/27 — (2) (2) — % (7)(8)(9)

Common Stock (1,433.37 shares) N/A 1/22 N/A 144 143 — % (7)

Ivanti Software, Inc.

High Tech Industries Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.8% Cash 2/22 12/28 6,000 5,989 5,460 0.4 % (8)(10)(32)

6,000 5,989 5,460

Jaguar Merger Sub Inc.

Jade Bidco Limited (Jane's) Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 11/19 2/29 3,999 4,077 3,910 0.3 % (3)(7)(8)(14)

First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.0% Cash 11/19 2/29 6,714 6,506 6,564 0.5 % (3)(7)(8)(11)

10,713 10,583 10,474

Other Financial First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 09/24) 2,722 2,671 2,671

Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 09/24) — (6) (6)

Jaguar Merger Sub Inc.

Other Financial First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/21 9/24 3,780 3,734 3,733 0.3 % (7)(8)(10)

Revolver LIBOR + 5.25%, 7.5% Cash 12/21 9/24 — (5) (5) — % (7)(8)(10)

3,780 3,729 3,728

Jedson Engineering, Inc.

(0.2%)* (7) (29)

Engineering & Construction Management First Lien Loan (12.0% Cash, Acquired 12/20, Due 06/24) 2,650 2,650 2,650

2,650 2,650 2,650

JetBlue 2019-1 Class B Pass Through Trust (0.3%)* Airlines Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27) 4,165 4,165 4,437

4,165 4,165 4,437

JF Acquisition, LLC (0.3%)* (7) (8) (10)

Automotive First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24) 3,856 3,759 3,687

3,856 3,759 3,687

Jon Bidco Limited (0.6%)* (3) (7) (8) (27)

First Lien Senior Secured Term Loan (BKBM + 5.5%, 6.0% Cash, Acquired 03/22, Due 03/27) 8,319 8,065 8,047

8,319 8,065 8,047

Jones Fish Hatcheries & Distributors LLC (0.2%)* (7)

Consumer Products First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 02/28) (8) (10)

2,785 2,730 2,729

Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 02/28) (8) (11)

LLC Units (974.68 units, Acquired 02/22) 97 97

2,785 2,819 2,818

K&N Parent, Inc.

(0.7%)* (8) (10) (31)

Automotive First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/22, Due 10/23) 7,923 7,243 7,115

Second Lien Senior Secured Term Loan (LIBOR + 8.75%, 9.8% Cash, Acquired 02/22, Due 10/24) (7)

2,000 1,700 1,660

9,923 8,943 8,775

Kano Laboratories LLC (0.4%)* (7)

Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 11/26) (8) (10)

5,716 5,577 5,565

Partnership Equity (203.2 units, Acquired 11/20) 203 203

Engineering & Construction Management First Lien Loan 12.0% Cash 12/20 6/24 2,650 2,650 2,650 0.2 % (7)(30)

2,650 2,650 2,650

Kene Acquisition, Inc.

(En Engineering) (0.5%)* (7) (8) (10)

Oil & Gas Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26) 7,206 7,111 7,076

JetBlue 2019-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B 8.0% Cash 8/20 11/27 3,887 3,887 3,897 0.3 %

3,887 3,887 3,897

Kid Distro Holdings, LLC (0.7%)* (7)

Media & Entertainment First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27) (8) (10)

JF Acquisition, LLC Automotive First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.3% Cash 5/21 7/24 3,846 3,755 3,635 0.3 % (7)(8)(10)

3,846 3,755 3,635

LLC Units (637,677.11 units, Acquired 10/21) 638 638

Jon Bidco Limited Healthcare First Lien Senior Secured Term Loan BKBM + 5.50%, 7.1% Cash 3/22 3/27 3,519 3,781 3,396 0.3 % (3)(7)(8)(27)

3,519 3,781 3,396

Kona Buyer, LLC (0.7%)* (7) (8) (10)

High Tech Industries First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.5% Cash, Acquired 12/20, Due 12/27) 9,058 8,875 8,968

Jones Fish Hatcheries & Distributors LLC Consumer Products First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 2/22 2/28 2,785 2,732 2,735 0.2 % (7)(8)(11)

Revolver LIBOR + 5.75%, 6.8% Cash 2/22 2/28 — (8) (7) — % (7)(8)(10)

LLC Units (974.68 units) N/A 2/22 N/A 97 97 — % (7)

2,785 2,821 2,825

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

LAF International (0.1%)* (3) (7) (8) (17)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 03/21, Due 03/28) $ 1,602 $ 1,696 $ 1,584

1,602 1,696 1,584

Lambir Bidco Limited (0.5%)* (3) (7)

Healthcare First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/28) (8) (15)

Value % of Net Assets * Notes

Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.0% Cash 11/20 11/26 $ 5,684 $ 5,552 $ 5,548 0.4 % (7)(8)(10)

Partnership Equity (203.2 units) N/A 11/20 N/A 203 203 — % (7)

5,684 5,755 5,751

Revolver (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/24) (8) (15)

Second Lien Senior Secured Term Loan (12.0% PIK, Acquired 12/21, Due 06/29) 1,387 1,365 1,349

Kene Acquisition, Inc.

(En Engineering) Oil & Gas Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.25%, 6.5% Cash 8/19 8/26 7,188 7,098 7,070 0.6 % (7)(8)(10)

7,188 7,098 7,070

LeadsOnline, LLC (0.8%)* (7)

Business Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 02/22, Due 02/28) (8) (10)

Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 10/21 10/27 9,279 9,113 9,140 0.7 % (7)(8)(10)

LLC Units (637,677.11 units) N/A 10/21 N/A 638 607 — % (7)

9,279 9,751 9,747

Revolver (LIBOR + 5.0%, 6.0% Cash, Acquired 02/22, Due 02/28) (8) (10)

LLC Units (52,493.44 units, Acquired 02/22) 52 52

Kona Buyer, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.8% Cash 12/20 12/27 8,966 8,793 8,786 0.7 % (7)(8)(10)

8,966 8,793 8,786

Learfield Communications, LLC (0.6%)* Broadcasting First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23) (8) (9)

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23) (10)

LAF International Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 3/21 3/28 1,505 1,697 1,505 0.1 % (3)(7)(8)(15)

1,505 1,697 1,505

Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.0% Cash 12/21 12/28 4,612 4,782 4,457 0.3 % (3)(7)(8)(14)

Second Lien Senior Secured Term Loan 12.0% PIK 12/21 6/29 1,382 1,445 1,348 0.1 % (3)(7)

5,994 6,227 5,805

Legal Solutions Holdings (0.0%)* (7) (28) (29)

Business Services Senior Subordinated Loan (16.0% PIK, Acquired 12/20, Due 03/22) 12,319 10,129 —

Lattice Group Holdings Bidco Limited Technology First Lien Senior Secured Term Loan SOFR + 5.25%, 5.8% Cash 5/22 5/29 610 587 586 — % (3)(7)(8)(16)

Revolver SOFR + 5.25%, 6.7% Cash 5/22 11/28 35 35 35 — % (3)(7)(8)(16)

LeadsOnline, LLC Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.3% Cash 2/22 2/28 10,328 10,157 10,171 0.8 % (7)(8)(10)

Revolver LIBOR + 5.00%, 7.3% Cash 2/22 2/28 347 305 308 — % (7)(8)(10)

LLC Units (52,493.44 units) N/A 2/22 N/A 52 52 — % (7)

10,675 10,514 10,531

Lifestyle Intermediate II, LLC (0.2%)* (7) (8) (10) (31)

Consumer Goods:

Durable First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 02/22, Due 01/26) 3,174 3,174 3,174

Revolver (LIBOR + 7.0%, 8.0% Cash, Acquired 02/22, Due 01/26) — — —

Learfield Communications, LLC Broadcasting First Lien Senior Secured Term Loan LIBOR + 3.25%, 4.9% Cash 8/20 12/23 135 95 118 — % (7)(8)(9)

First Lien Senior Secured Term Loan 3.0% Cash, LIBOR + 10.0% PIK 8/20 12/23 8,369 8,334 8,327 0.6 % (10)

8,504 8,429 8,445

LivTech Purchaser, Inc.

Legal Solutions Holdings Business Services Senior Subordinated Loan 16.0% PIK 12/20 3/23 12,319 10,129 — — % (7)(29)(30)

12,319 10,129 —

Business Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/21, Due 12/25) 862 854 853

LogMeIn, Inc.

Liberty Steel Holdings USA Inc.

Industrial Other Revolver SOFR + 5.00%, 6.0% Cash 4/22 4/25 20,000 19,814 19,800 1.5 % (7)(8)(16)

20,000 19,814 19,800

High Tech Industries First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.75% Cash, Acquired 02/22, Due 08/27) 1,975 1,957 1,936

Lifestyle Intermediate II, LLC Consumer Goods:

Durable First Lien Senior Secured Term Loan LIBOR + 7.00%, 8.0% Cash 2/22 1/26 3,154 3,154 3,091 0.2 % (7)(8)(10) (32)

Revolver LIBOR + 7.00%, 8.0% Cash 2/22 1/26 167 167 117 — % (7)(8)(10) (32)

3,321 3,321 3,208

Magnetite XIX, Limited (1.0%)* (3) (31)

Multi-Sector Holdings Subordinated Notes (LIBOR + 8.77, 9.0% Cash, Acquired 02/22, Due 04/34) (10)

LivTech Purchaser, Inc.

Business Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 1/21 12/25 862 854 854 0.1 % (7)(8)(10)

LogMeIn, Inc.

High Tech Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.3% Cash 2/22 8/27 1,975 1,957 1,496 0.1 % (8)(9)(32)

1,975 1,957 1,496

Subordinated Structured Notes (Residual Interest, current yield 12.38%, Acquired 02/22, Due 04/34)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

Long Term Care Group, Inc.

Healthcare First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.3% Cash 4/22 9/27 $ 8,082 $ 7,925 $ 7,920 0.6 % (7)(8)(9)

8,082 7,925 7,920

Magnetite XIX, Limited Multi-Sector Holdings Subordinated Notes LIBOR + 8.77%, 9.8% Cash 2/22 4/34 5,250 5,107 4,534 0.4 % (3)(32)

Subordinated Structured Notes Residual Interest, current yield 12.38% 2/22 4/34 13,730 9,332 7,595 0.6 % (3)(32)

18,980 14,439 12,129

Marmoutier Holding B.V.

(0.1%)* (3) (7) (8) (16)

Consumer Products First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/21, Due 12/28) 1,902 1,874 1,845

Revolver (EURIBOR + 5.0%, 5.0% Cash, Acquired 12/21, Due 06/27) — (4) (4)

Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 12/21 12/28 1,788 1,877 1,739 0.1 % (3)(7)(8)(14)

Revolver EURIBOR + 5.00%, 5.0% Cash 12/21 6/27 — (4) (3) — % (3)(7)(8)(14)

1,788 1,873 1,736

Marshall Excelsior Co.

(0.8%)* (7) (8) (19)

Capital Goods

First Lien Senior Secured Term Loan (SOFR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28) 10,467 10,287 10,284

Revolver (SOFR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28) 606 578 577

11,073 10,865 10,861

MC Group Ventures Corporation (0.3%)* (7)

Business Services First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27) (8) (10)

Capital Goods First Lien Senior Secured Term Loan SOFR + 5.50%, 7.7% Cash 2/22 2/28 10,973 10,800 10,781 0.8 % (7)(8)(17)

Revolver SOFR + 5.50%, 7.7% Cash 2/22 2/28 964 937 935 0.1 % (7)(8)(17)

11,937 11,737 11,716

Partnership Units (746.66 Units, Acquired 06/21) 747 734

MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 8.4% Cash 7/21 6/27 3,669 3,587 3,610 0.3 % (7)(8)(10)

Partnership Units (746.66 Units) N/A 6/21 N/A 747 833 0.1 % (7)

3,669 4,334 4,443

Media Recovery, Inc.

(SpotSee) (0.5%)* (7) (8)

Containers, Packaging & Glass First Lien Senior Secured Term Loan (SOFR + 6.0%, 7.0% Cash, Acquired 11/19, Due 11/25) (19)

2,933 2,895 2,933

First Lien Senior Secured Term Loan (SONIA + 6.0%, 7.0% Cash, Acquired 12/20, Due 11/25) (21)

4,318 4,306 4,318

7,251 7,201 7,251

(SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.8% Cash 11/19 11/25 2,926 2,890 2,926 0.2 % (7)(8)(10)

First Lien Senior Secured Term Loan SONIA + 6.00%, 7.2% Cash 12/20 11/25 3,970 4,294 3,970 0.3 % (7)(8)(20)

6,896 7,184 6,896

Healthcare First Lien Senior Secured Term Loan (SONIA + 6.0%, 7.0% Cash, Acquired 02/22, Due 11/27) 9,809 9,762 9,490

Healthcare First Lien Senior Secured Term Loan SONIA + 6.00%, 7.2% Cash 2/22 10/27 9,048 9,773 8,166 0.6 % (3)(8)(20)

9,048 9,773 8,166

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Amount Cost Fair

Medical Solutions Parent Holdings, Inc.

(0.3%)* (8) (10)

Healthcare Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.5% Cash, Acquired 11/21, Due 11/29) $ 4,421 $ 4,378 $ 4,244

Healthcare Second Lien Senior Secured Term Loan LIBOR + 7.00%, 9.9% Cash 11/21 11/29 4,421 4,380 4,067 0.3 % (8)(10)

4,421 4,380 4,067

MNS Buyer, Inc.

Construction & Building First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27) (8) (9)

Partnership Units (76.92 Units, Acquired 08/21) 77 77

Construction and Building First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.2% Cash 8/21 8/27 916 900 903 0.1 % (7)(8)(9)

Partnership Units (76.92 Units) N/A 8/21 N/A 77 64 — % (7)

Modern Star Holdings Bidco Pty Limited.

(0.6%)* (3) (7) (8) (23)

Non-durable Consumer Goods First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26) 8,643 8,292 8,381

8,643 8,292 8,381

MSG National Properties (0.2%)* (3) (7) (8) (10)

Hotel, Gaming, & Leisure First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25) 2,437 2,381 2,425

Non-durable Consumer Goods First Lien Senior Secured Term Loan BBSY + 6.0%, 7.1% Cash 12/20 12/26 7,915 8,302 7,697 0.6 % (3)(7)(8)(22)

7,915 8,302 7,697

Murphy Midco Limited (0.1%)* (3) (7) (8) (22)

Media, Diversified & Production First Lien Senior Secured Term Loan (SONIA + 5.0%, 5.0% Cash, Acquired 11/20, Due 11/27) 1,077 1,039 1,049

Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan SONIA + 4.75%, 6.1% Cash 11/20 11/27 993 1,051 971 0.1 % (3)(7)(8)(20)

993 1,051 971

Music Reports, Inc.

(0.6%)* (7) (8) (10)

Media & Entertainment First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 08/20, Due 08/26) 7,462 7,319 7,301

Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.1% Cash 08/20 8/26 7,424 7,289 7,279 0.6 % (7)(8)(9)

7,424 7,289 7,279

Napa Bidco Pty Ltd (1.5%)* (3) (7) (8) (24)

Healthcare First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.1% Cash, Acquired 03/22, Due 03/28) 20,895 19,461 20,215

Napa Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 6.00%, 7.2% Cash 03/22 3/28 19,133 19,484 18,583 1.4 % (3)(7)(8)(23)

19,133 19,484 18,583

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

Narda Acquisitionco., Inc.

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27) (8) (10)

5,680 5,585 5,589

Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27) (8) (10)

Class A Preferred Stock (4,587.38 shares, Acquired 12/21) 459 468

Class B Common Stock (509.71 shares, Acquired 12/21) 51 51

Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/21 12/27 $ 5,665 $ 5,574 $ 5,439 0.4 % (7)(8)(10)

Revolver LIBOR + 5.25%, 7.5% Cash 12/21 12/27 — (21) (52) — % (7)(8)(10)

Class A Preferred Stock (4,587.38 shares) N/A 12/21 N/A 459 385 — % (7)

Class B Common Stock (509.71 shares) N/A 12/21 N/A 51 — — % (7)

5,665 6,063 5,772

Navia Benefit Solutions, Inc.

(0.2%)* (7) (8) (10)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27) 2,721 2,665 2,678

2,721 2,665 2,678

Nexus Underwriting Management Limited (0.1%)* (3) (7) (8) (22)

Other Financial First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28) 1,644 1,638 1,594

Revolver (SONIA + 5.25%, 5.3% Cash, Acquired 10/21, Due 04/22) 101 102 101

1,745 1,740 1,695

NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (0.4%)* (7) (8) (9)

Energy Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25) 4,740 4,727 4,707

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.8% Cash 02/21 2/27 2,708 2,655 2,670 0.2 % (7)(8)(9)

2,708 2,655 2,670

Northstar Recycling, LLC (0.2%)* (7) (8) (10)

Environmental Industries First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/21, Due 09/27) 2,500 2,454 2,458

Nexus Underwriting Management Limited Other Financial First Lien Senior Secured Term Loan SONIA + 5.25%, 5.9% Cash 10/21 10/28 1,555 1,681 1,513 0.1 % (3)(7)(8)(21)

Revolver SONIA + 5.25%, 5.9% Cash 10/21 4/23 186 202 186 — % (3)(7)(8)(21)

1,741 1,883 1,699

Novotech Aus Bidco Pty Ltd (0.5%)* (3) (7) (8)

Healthcare First Lien Senior Secured Term Loan (BBSY + 5.75%, 6.3% Cash, Acquired 01/22, Due 01/28) (23)

NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) Energy Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 10/18 10/25 4,728 4,716 4,718 0.4 % (7)(8)(9)

4,728 4,716 4,718

First Lien Senior Secured Term Loan (SOFR + 5.75%, 6.3% Cash, Acquired 01/22, Due 01/28) (18)

Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 10/21 9/27 2,488 2,443 2,450 0.2 % (7)(8)(10)

2,488 2,443 2,450

Novotech Aus Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 5.75%, 7.6% Cash 1/22 1/28 3,539 3,661 3,472 0.3 % (3)(7)(8)(24)

First Lien Senior Secured Term Loan SOFR + 5.25%, 7.6% Cash 1/22 1/28 474 437 450 — % (3)(7)(8)(18)

4,013 4,098 3,922

OA Buyer, Inc.

Healthcare First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28) (8) (10)

8,501 8,336 8,346

Revolver (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28) (8) (10)

Partnership Units (210,920.11 units, Acquired 12/21) 211 211

8,501 8,521 8,533

OAC Holdings I Corp (0.3%)* (7) (8) (19)

Automotive First Lien Senior Secured Term Loan (SOFR + 5.0%, 6.0% Cash, Acquired 03/22, Due 04/28) 3,630 3,557 3,557

Revolver (SOFR + 5.0%, 6.0% Cash, Acquired 03/22, Due 04/28) 685 658 658

Healthcare First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.3% Cash 12/21 12/28 9,613 9,431 9,421 0.7 % (7)(8)(10)

Revolver LIBOR + 6.00%, 8.3% Cash 12/21 12/28 — (25) (27) — % (7)(8)(10)

Partnership Units (210,920.11 units) N/A 12/21 N/A 211 211 — % (7)

9,613 9,617 9,605

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Amount Cost Fair

Odeon Cinemas Group Limited (0.3%)* (3) (7)

Hotel, Gaming, & Leisure First Lien Senior Secured Term Loan (10.8% Cash, Acquired 02/21, Due 08/23) $ 3,859 $ 4,067 $ 3,937

OAC Holdings I Corp Automotive First Lien Senior Secured Term Loan SOFR + 5.00%, 7.8% Cash 3/22 3/29 3,630 3,560 3,563 0.3 % (7)(8)(18)

Revolver SOFR + 5.00%, 6.7% Cash 3/22 3/28 1,076 1,050 1,051 0.1 % (7)(8)(16)

4,706 4,610 4,614

Odeon Cinemas Group Limited Hotel, Gaming, & Leisure First Lien Senior Secured Term Loan 11.3% Cash 2/21 8/23 3,602 4,079 3,422 0.3 % (3)(7)

3,602 4,079 3,422

Transportation:

Cargo First Lien Senior Secured Term Loan (LIBOR + 5.0%, Cash 5.2%, Acquired 02/22, Due 06/26) 3,747 3,709 3,691

3,747 3,709 3,691

Cargo First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.9% Cash 2/22 6/26 3,744 3,707 3,651 0.3 % (7)(11)(32)

3,744 3,707 3,651

Containers & Glass Products First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28) 2,853 2,999 2,789

Containers & Glass Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 6/21 6/28 3,312 3,669 3,229 0.3 % (3)(7)(8)(14)

3,312 3,669 3,229

Omni Intermediate Holdings, LLC (0.8%)* (7) (8) (9)

Transportation First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) 10,686 10,539 10,455

Omni Intermediate Holdings, LLC Transportation First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 12/20 12/26 11,177 11,067 10,907 0.8 % (7)(8)(9)

11,177 11,067 10,907

Options Technology Ltd.

(0.2%)* (3) (7) (8) (10)

Computer Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/19, Due 12/25) 2,308 2,278 2,268

2,308 2,278 2,268

Oracle Vision Bidco Limited (0.2%)* (3) (7) (8) (22)

Healthcare First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28) 3,014 3,144 3,001

3,014 3,144 3,001

Origin Bidco Limited (0.1%)* (3) (7) (8)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28) (11)

First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28) (16)

OSP Hamilton Purchaser, LLC (0.2%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27) 2,281 2,237 2,239

Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27) — (4) (3)

2,281 2,233 2,236

Pacific Health Supplies Bidco Pty Limited (0.7%)* (3) (7) (8) (23)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25) 9,068 8,744 8,836

9,068 8,744 8,836

Pare SAS (SAS Maurice MARLE) (0.3%)* (3) (7) (8) (16)

Health Care Equipment First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 12/19, Due 12/26) 4,537 4,481 4,516

Computer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.2% Cash 12/19 12/25 2,302 2,274 2,266 0.2 % (3)(7)(8)(11)

2,302 2,274 2,266

Path Medical, LLC (0.3%)* (7) (31)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (9.5% PIK, Acquired 02/22, Due 10/22) (28)

Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.25%, 5.7% Cash 6/21 5/28 2,780 3,146 2,729 0.2 % (3)(7)(8)(21)

2,780 3,146 2,729

First Lien Senior Secured Term Loan 13.0% PIK, Acquired 02/22, Due 10/22) (28)

Warrants (36,716 units, Acquired 02/22) — —

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

Origin Bidco Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 6/21 6/28 $ 347 $ 394 $ 341 — % (3)(7)(8)(14)

First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.2% Cash 6/21 6/28 597 583 586 — % (3)(7)(8)(10)

OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/21 12/27 2,269 2,227 2,232 0.2 % (7)(8)(10)

Revolver LIBOR + 5.25%, 7.5% Cash 12/21 12/27 56 53 53 — % (7)(8)(10)

2,325 2,280 2,285

Patriot New Midco 1 Limited (Forensic Risk Alliance) (0.5%)* (3) (7) (8)

Diversified Financial Services First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 02/20, Due 02/27) (10)

Pare SAS (SAS Maurice MARLE) Health Care Equipment First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 12/19 12/26 4,263 4,483 4,250 0.3 % (3)(7)(8)(15)

4,263 4,483 4,250

First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 02/20, Due 02/27) (16)

Path Medical, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan 13.0% PIK 2/22 10/22 11,764 — — — % (7)(29)(32)

First Lien Senior Secured Term Loan 10.5% PIK 2/22 10/22 8,465 4,571 4,732 0.4 % (7)(29)(32)

Warrants (36,716 units) N/A 2/22 N/A — — — % (7)(29)(32)

20,229 4,571 4,732

Patriot New Midco 1 Limited (Forensic Risk Alliance) Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 2/20 2/27 2,780 2,844 2,638 0.2 % (3)(7)(8)(14)

First Lien Senior Secured Term Loan LIBOR + 6.75%, 8.2% Cash 2/20 2/27 3,539 3,473 3,359 0.3 % (3)(7)(8)(10)

6,319 6,317 5,997

PDQ.Com Corporation (0.6%)* (7)

Business Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27) (8) (10)

PDQ.Com Corporation Business equipment & services First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.3% Cash 8/21 8/27 7,508 7,259 7,285 0.6 % (7)(8)(10)

Class A-2 Partnership Units (28.8 units) N/A 8/21 N/A 29 39 — % (7)

7,508 7,288 7,324

Class A-2 Partnership Units (26.32 units, Acquired 08/21) 29 37

Perimeter Master Note Business Trust Credit Card ABS Structured Secured Note - Class A 4.7% Cash 5/22 5/27 109 109 106 — % (3)(7)

Structured Secured Note - Class B 5.4% Cash 5/22 5/27 109 109 109 — % (3)(7)

Structured Secured Note - Class C 5.9% Cash 5/22 5/27 109 109 104 — % (3)(7)

Structured Secured Note - Class D 8.5% Cash 5/22 5/27 109 109 101 — % (3)(7)

Structured Secured Note - Class E 11.4% Cash 5/22 5/27 5,564 5,564 5,178 0.4 % (3)(7)

6,000 6,000 5,598

Permaconn Bidco Ltd (0.4%)* (3) (7) (8) (24)

Tele-communications First Lien Senior Secured Term Loan (BBSY + 6.5%, 6.5% Cash, Acquired 12/21, Due 12/27) 5,179 4,810 5,049

Permaconn BidCo Pty Ltd Telecommunications First Lien Senior Secured Term Loan BBSY + 6.50%, 7.8% Cash 12/21 12/27 2,817 2,852 2,753 0.2 % (3)(7)(8)(23)

2,817 2,852 2,753

PetroChoice Holdings, Inc.

Polara Enterprises, L.L.C.

Capital Equipment First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 12/21 12/27 1,236 1,214 1,212 0.1 % (7)(8)(10)

Revolver LIBOR + 4.75%, 5.8% Cash 12/21 12/27 71 61 60 — % (7)(8)(10)

Partnership Units (7,409 units) N/A 12/21 N/A 741 741 0.1 % (7)

1,307 2,016 2,013

Chemicals, Plastics & Rubber Second Lien Senior Secured Term Loan (LIBOR + 8.75%, 9.8% Cash, Acquired 02/22, Due 08/23) 9,000 8,190 8,190

Policy Services Company, LLC Property & Casualty Insurance First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.8% Cash, 4.0% PIK 12/21 6/26 48,699 47,381 47,238 3.7 % (7)(8)(10)

Warrants - Class A (25,582 units) N/A 12/21 N/A — — — % (7)

Warrants - Class B (8,634 units) N/A 12/21 N/A — — — % (7)

Warrants - Class C (888 units) N/A 12/21 N/A — — — % (7)

Warrants - Class D (2,282 units) N/A 12/21 N/A — — — % (7)

48,699 47,381 47,238

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Polara Enterprises, LLC (0.1%)* (7)

Capital Equipment First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27) (8) (10)

$ 1,243 $ 1,219 $ 1,198

Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27) (8) (10)

Partnership Units (3,820.44 units, Acquired 12/21) 382 382

1,243 1,591 1,560

Policy Services Company, LLC (3.2%)* (7)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, 4.0% PIK, Acquired 12/21, Due 06/26) (8) (10)

44,474 43,075 43,026

Warrants - Class A (25,582 units, Acquired 12/21) — —

Warrants - Class B (8,634 units, Acquired 12/21) — —

Warrants - Class C (888 units, Acquired 12/21) — —

Warrants - Class D (2,282 units, Acquired 12/21) — —

44,474 43,075 43,026

Polymer Solutions Group Holdings, LLC (0.1%)* (7) (8) (9) (31)

Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 02/22, Due 01/23) 1,031 1,031 1,031

Value % of Net Assets * Notes

Polymer Solutions Group Holdings, LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan LIBOR + 7.00%, 8.7% Cash 2/22 1/23 $ 1,023 $ 1,023 $ 1,023 0.1 % (7)(8)(9)(32)

1,023 1,023 1,023

Premium Franchise Brands, LLC (1.1%)* (7) (8) (10)

Research & Consulting Services First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26) 14,778 14,534 14,511

Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.5% Cash 12/20 12/26 14,740 14,508 14,499 1.1 % (7)(8)(10)

14,740 14,508 14,499

Premium Invest (0.3%)* (3) (7) (8) (16)

Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28) 4,006 4,118 4,006

Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.2% Cash 6/21 6/28 3,764 4,123 3,764 0.3 % (3)(7)(8)(15)

3,764 4,123 3,764

Preqin MC Limited (0.2%)* (3) (7) (8) (20)

Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28) 2,789 2,701 2,739

Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SOFR + 5.25%, 5.5% Cash 8/21 7/28 2,789 2,714 2,731 0.2 % (3)(7)(8)(18)

2,789 2,714 2,731

Process Equipment, Inc.

(ProcessBarron) (0.4%)* (7) (8) (10)

Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25) 6,174 6,121 5,927

(ProcessBarron) Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan LIBOR + 4.25%, 6.6% Cash 3/19 3/25 6,174 6,128 5,840 0.5 % (7)(8)(10)

6,174 6,128 5,840

Professional Datasolutions, Inc.

(PDI) (0.1%)* (7) (8) (10)

Application Software First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24) 1,836 1,835 1,812

1,836 1,835 1,812

ProfitOptics, LLC (0.2%)* (7)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 03/22, Due 02/28) (8) (10)

(PDI) Application Software First Lien Senior Secured Term Loan LIBOR + 4.50%, 5.5% Cash 3/19 10/24 1,827 1,826 1,805 0.1 % (7)(8)(10)

1,827 1,826 1,805

Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 03/22, Due 02/28) (8) (10)

Second Lien Senior Subordinated Term Loan (8.0% Cash, Acquired 03/22, Due 02/29) 81 81 81

LLC Units (241,935.48 units, Acquired 03/22) 161 161

ProfitOptics, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 3/22 3/28 1,774 1,740 1,743 0.1 % (7)(8)(10)

Revolver LIBOR + 5.75%, 6.5% Cash 3/22 3/28 — (9) (9) — % (7)(8)(10)

Second Lien Senior Subordinated Term Loan 8.0% Cash 3/22 3/29 81 81 79 — % (7)

LLC Units (241,935.48 units N/A 3/22 N/A 161 166 — % (7)

1,855 1,973 1,979

Proppants Holdings, LLC (0.0%)* (7) (31)

Oil & Gas Common Stock (1,668,106 shares, Acquired 02/22) — —

Proppants Holding, LLC Energy:

Oil & Gas LLC Units (1,668,106 units) N/A 2/22 N/A — — — % (7)(32)

Protego Bidco B.V.

Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.0% Cash 3/21 3/28 1,423 1,565 1,385 0.1 % (3)(7)(8)(14)

Revolver EURIBOR + 5.25%, 5.3% Cash 3/21 3/27 2,048 2,272 2,013 0.2 % (3)(7)(8)(14)

3,471 3,837 3,398

Aerospace & Defense First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27) 2,179 2,270 2,151

First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28) 1,514 1,563 1,469

PSP Intermediate 4, LLC Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 5/22 5/29 854 822 811 0.1 % (3)(7)(8)(14)

First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.9% Cash 5/22 5/29 866 842 842 0.1 % (3)(7)(8)(10)

1,720 1,664 1,653

QPE7 SPV1 BidCo Pty Ltd (0.2%)* (3) (7) (8) (24)

Consumer Cyclical First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26) 2,071 1,956 2,046

QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan BBSY + 5.50%, 6.0% Cash 9/21 9/26 1,896 1,959 1,876 0.1 % (3)(7)(8)(23)

1,896 1,959 1,876

Questel Unite (0.5%)* (3) (7) (8) (10)

Business Services First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27) 6,892 6,805 6,892

Questel Unite Business Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 12/20 12/27 6,892 6,808 6,892 0.5 % (3)(7)(8)(10)

6,892 6,808 6,892

RA Outdoors, LLC (1.4%)* (7) (8) (10) (31)

High Tech Industries First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 02/22, Due 04/26) 17,855 17,498 17,498

Revolver (LIBOR + 6.75%, 7.8% Cash, Acquired 02/22, Due 04/26) 494 494 469

RA Outdoors, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.75%, 9.0% Cash 2/22 4/26 12,917 12,658 12,658 1.0 % (7)(8)(10) (32)

Revolver LIBOR + 6.75%, 9.0% Cash 2/22 4/26 — — (25) — % (7)(8)(10) (32)

12,917 12,658 12,633

Recovery Point Systems, Inc.

Technology First Lien Senior Secured Term Loan LIBOR + 6.50%, 7.5% Cash 8/20 7/26 11,589 11,420 11,589 0.9 % (7)(8)(10)

Partnership Equity (187,235 units N/A 3/21 N/A 187 127 — % (7)

11,589 11,607 11,716

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Recovery Point Systems, Inc.

Technology First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 08/26) (8) (10)

$ 11,619 $ 11,440 $ 11,526

Partnership Equity (187,235 units, Acquired 03/21) 187 126

11,619 11,627 11,652

Redwood Services Group, LLC (2.0%)* (7) (8) (9) (31)

Business First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 02/22, Due 06/23) 10,594 10,594 10,594

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 02/22, Due 06/23) (7)

16,434 16,434 16,434

27,028 27,028 27,028

Renovation Parent Holdings, LLC

Home Furnishings First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 11/21, Due 11/27) (8) (10)

4,854 4,740 4,748

Partnership Equity (197,368.42 units, Acquired 11/21) 197 197

4,854 4,937 4,945

REP SEKO MERGER SUB LLC

Value % of Net Assets * Notes

Renovation Parent Holdings, LLC Home furnishings First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.5% Cash 11/21 11/27 $ 4,830 $ 4,720 $ 4,735 0.4 % (7)(8)(10)

Partnership Equity (197,368.42 units N/A 11/21 N/A 197 197 — % (7)

4,830 4,917 4,932

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) 7,763 7,574 7,650

REP SEKO MERGER SUB LLC Air Freight & Logistics First Lien Senior Secured Term Loan EURIBOR + 5.00%, 6.0% Cash 6/22 12/26 9,409 9,274 9,220 0.7 % (7)(8)(15)

First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.7% Cash 12/20 12/26 8,101 7,921 7,920 0.6 % (7)(8)(9)

17,510 17,195 17,140

Resolute Investment Managers, Inc.

Banking, Finance, Insurance & Real Estate Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 9.0% Cash, Acquired 02/22, Due 04/25) 5,081 5,107 5,030

Banking, Finance, Insurance & Real Estate Second Lien Senior Secured Term Loan LIBOR + 8.00%, 9.2% Cash 2/22 4/25 5,081 5,107 4,802 0.4 % (7)(8)(10) (32)

5,081 5,107 4,802

Resonetics, LLC (0.3%)* (7) (8) (10)

Health Care Equipment Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.8% Cash, Acquired 04/21, Due 04/29) 4,011 3,936 3,941

Resonetics, LLC Health Care Equipment Second Lien Senior Secured Term Loan LIBOR + 7.00%, 8.6% Cash 4/21 4/29 4,011 3,938 4,011 0.3 % (7)(8)(10)

4,011 3,938 4,011

Reward Gateway (UK) Ltd (0.2%)* (3) (7) (8) (21)

Precious Metals & Minerals First Lien Senior Secured Term Loan (SONIA + 6.75%, 6.8% Cash, Acquired 08/21, Due 06/28) 3,164 3,222 3,082

Reward Gateway (UK) Ltd Precious Metals & Minerals First Lien Senior Secured Term Loan SONIA + 6.75%, 7.4% Cash 8/21 6/28 2,919 3,224 2,851 0.2 % (3)(7)(8)(20)

2,919 3,224 2,851

Riedel Beheer B.V.

(0.1%)* (3) (7) (8) (16)

Food & Beverage First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28) 1,858 1,836 1,808

1,858 1,836 1,808

RPX Corporation (0.6%)* (7) (8) (10)

Research & Consulting Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25) 7,530 7,383 7,389

7,530 7,383 7,389

RTIC Subsidiary Holdings, LLC (1.2%)* (7) (31)

Consumer Goods:

Durable First Lien Senior Secured Term Loan (LIBOR + 7.75%, 9.0% Cash, Acquired 02/22, Due 09/25) (8) (10)

9,661 9,661 9,661

First Lien Senior Secured Term Loan (LIBOR + 7.75%, 9.0% Cash, Acquired 02/22, Due 09/25) (8) (10)

Revolver (LIBOR + 7.75%, 9.0% Cash, Acquired 02/22, Due 09/25) (8) (10)

Food & Beverage First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 12/21 12/28 1,746 1,838 1,703 0.1 % (3)(7)(8)(14)

1,746 1,838 1,703

Class A Preferred Stock (145.347 shares, Acquired 02/22) 4 4

Class B Preferred Stock (145.347 shares, Acquired 02/22) — —

Class C Preferred Stock (7,844.03 shares, Acquired 02/22) 450 450

Common Stock (153 shares, Acquired 02/22) — —

RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.7% Cash 10/20 10/25 7,436 7,299 7,311 0.6 % (7)(8)(9)

7,436 7,299 7,311

Ruffalo Noel Levitz, LLC

RTIC Subsidiary Holdings, LLC Consumer Goods:

Durable First Lien Senior Secured Term Loan LIBOR + 7.75%, 9.0% Cash 2/22 9/25 10,434 10,434 10,288 0.8 % (7)(8)(10) (32)

Revolver LIBOR + 7.75%, 9.0% Cash 2/22 9/25 3,968 3,968 3,913 0.3 % (7)(8)(10) (32)

Class A Preferred Stock (145.347 shares N/A 2/22 N/A 4 2 — % (7)(32)

Class B Preferred Stock (145.347 shares N/A 2/22 N/A — — — % (7)(32)

Class C Preferred Stock (7,844.03 shares N/A 2/22 N/A 450 325 — % (7)(32)

Common Stock (153 shares) N/A 2/22 N/A — — — % (7)(32)

14,402 14,856 14,528

Media Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/19, Due 05/22) 9,519 9,511 9,519

Ruffalo Noel Levitz, LLC Media Services First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.3% Cash 1/19 5/24 9,470 9,470 9,470 0.7 % (7)(8)(10)

9,470 9,470 9,470

Safety Products Holdings, LLC (0.9%)* (7)

Non-durable Consumer Goods First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26) (8) (9)

Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.6% Cash 12/20 12/26 11,994 11,785 11,838 0.9 % (7)(8)(9)

Preferred Stock (372.1 shares) N/A 12/20 N/A 372 464 — % (7)

11,994 12,157 12,302

Preferred Stock (372.1 shares, Acquired 12/20) 372 512

Sanoptis S.A.R.L.

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 6/22 7/29 9,381 8,918 8,918 0.7 % (3)(7)(8)(14)

First Lien Senior Secured Term Loan SARON + 5.50%, 5.5% Cash 6/22 7/29 3,240 3,151 3,151 0.2 % (3)(7)(8)(28)

12,621 12,069 12,069

Scaled Agile, Inc.

(0.1%)* (7) (8) (10)

Research & Consulting Services First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28) 1,748 1,707 1,728

Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28) — (6) (3)

Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 12/21 12/28 1,744 1,705 1,726 0.1 % (7)(8)(10)

Revolver LIBOR + 5.50%, 7.8% Cash 12/21 12/28 — (6) (3) — % (7)(8)(10)

1,744 1,699 1,723

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Serta Simmons Bedding LLC

Value % of Net Assets * Notes

Scout Bidco B.V.

Diversified Manufacturing First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.0% Cash 5/22 3/29 $ 6,353 $ 6,273 $ 6,138 0.5 % (3)(7)(8)(14)

Revolver EURIBOR + 6.00%, 6.0% Cash 5/22 3/29 — (25) (25) — % (3)(7)(8)(14)

6,353 6,248 6,113

Home Furnishings Super Priority First Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) $ 7,331 $ 7,230 $ 7,327

Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) 3,598 3,374 3,385

Sereni Capital NV Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 5/22 11/28 81 69 68 — % (3)(7)(8)(15)

First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 5/22 5/29 480 478 467 — % (3)(7)(8)(15)

Revolver EURIBOR + 5.75%, 5.8% Cash 5/22 11/22 — (1) (1) — % (3)(7)(8)(15)

Serta Simmons Bedding LLC Home Furnishings Super Priority First Out LIBOR + 7.50%, 9.0% Cash 6/20 8/23 7,313 7,228 7,079 0.6 % (8)(9)

Super Priority Second Out LIBOR + 7.50%, 9.0% Cash 6/20 8/23 3,589 3,373 2,505 0.2 % (8)(9)

10,902 10,601 9,584

SISU ACQUISITIONCO., INC.

(0.5%)* (7) (8) (10)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26) 7,009 6,894 6,708

Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/20 12/26 6,970 6,861 6,692 0.5 % (7)(8)(10)

6,970 6,861 6,692

SMART Financial Operations, LLC (0.0%)* (7) (31)

Banking, Finance, Insurance & Real Estate Preferred Stock (1,000,000 shares, Acquired 02/22) — —

SMART Financial Operations, LLC Banking, Finance, Insurance & Real Estate Preferred Stock (1,000,000 shares) N/A 2/22 N/A — 130 — % (7)(32)

Smartling, Inc.

(1.0%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 10/27) 13,846 13,547 13,572

Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 10/27) — (22) (20)

Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.3% Cash 11/21 10/27 13,776 13,490 13,530 1.1 % (7)(8)(10)

Revolver LIBOR + 5.75%, 7.3% Cash 11/21 10/27 — (21) (18) — % (7)(8)(10)

13,776 13,469 13,512

Smile Brands Group Inc.

(0.4%)* (7) (8) (10)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/18, Due 10/24) 4,590 4,569 4,554

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 12/20, Due 10/25) 237 226 232

Health Care Services First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.1% Cash 10/18 10/25 4,559 4,540 4,527 0.4 % (7)(8)(11)

First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.1% Cash 12/20 10/25 470 460 465 — % (7)(8)(11)

5,029 5,000 4,992

SN BUYER, LLC (1.4%)* (7) (8) (9)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/20, Due 12/26) 18,394 18,093 18,394

SN BUYER, LLC Health Care Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.8% Cash 12/20 12/26 18,129 17,846 18,129 1.4 % (7)(8)(10)

18,129 17,846 18,129

Sound Point CLO XX, Ltd.

(0.2%)* (3) (31)

Multi-Sector Holdings

Subordinated Structured Notes (Residual Interest, current yield 18.99%, Acquired 02/22, Due 07/31)

4,489 2,332 2,284

Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 18.99% 2/22 7/31 4,489 2,252 1,784 0.1 % (3)(32)

4,489 2,252 1,784

Springbrook Software (SBRK Intermediate, Inc.) (1.6%)* (7) (8) (9)

Enterprise Software & Services First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/19, Due 12/26) 21,142 20,799 20,730

Springbrook Software (SBRK Intermediate, Inc.) Enterprise Software & Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 12/19 12/26 21,035 20,736 21,035 1.6 % (7)(8)(10)

21,035 20,736 21,035

SPT Acquico Limited (0.0%)* (3) (7) (8) (10)

High Tech Industries First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/27) 658 644 658

SSCP Pegasus Midco Limited (0.2%)* (3) (7) (8) (13)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.7% Cash, Acquired 12/20, Due 11/27) 2,677 2,544 2,550

SPT Acquico Limited High Tech Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 01/21 12/27 658 645 658 0.1 % (3)(7)(8)(10)

SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan SONIA + 6.75%, 7.7% Cash 12/20 11/27 2,469 2,552 2,370 0.2 % (3)(7)(8)(20)

2,469 2,552 2,370

Starnmeer B.V.

(0.2%)* (3) (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 6.4%, 6.9% Cash, Acquired 10/21, Due 04/27) 2,500 2,465 2,468

2,500 2,465 2,468

Superjet Buyer, LLC (1.0%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) 13,175 12,920 12,933

Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) — (35) (33)

13,175 12,885 12,900

Syniverse Holdings, Inc.

(1.3%)* (8) (10)

Technology Distributors First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/18, Due 03/23) 17,256 16,595 16,700

17,256 16,595 16,700

Syntax Systems Ltd (0.2%)* (3) (7) (8) (9)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/28) 2,051 2,017 2,012

Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/26) 564 554 553

2,615 2,571 2,565

TA SL Cayman Aggregator Corp.

Technology Subordinated Term Loan (7.8% PIK, Acquired 07/21, Due 07/28) 2,084 2,048 2,052

Common Stock (1,227.79 shares, Acquired 07/21) 50 75

Technology First Lien Senior Secured Term Loan LIBOR + 6.40%, 6.9% Cash 10/21 4/27 2,500 2,466 2,471 0.2 % (3)(7)(8)(10)

2,500 2,466 2,471

Tank Holding Corp (1.4%)* (7) (8) (18)

Metal & Glass Containers First Lien Senior Secured Term Loan (SOFR + 6.0%, 6.8% Cash, Acquired 03/22, Due 03/28) 19,127 18,698 18,698

Revolver (SOFR + 6.0%, 6.8% Cash, Acquired 03/22, Due 03/28) — (20) (20)

Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 12/21 12/27 13,142 12,897 12,923 1.0 % (7)(8)(10)

Revolver LIBOR + 5.75%, 8.0% Cash 12/21 12/27 — (34) (30) — % (7)(8)(10)

13,142 12,863 12,893

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Team Car Care, LLC (1.0%)* (7) (8) (9) (31)

Automotive First Lien Senior Secured Term Loan (LIBOR + 8.0%, 9.0% Cash, Acquired 02/22, Due 06/24) $ 12,687 $ 12,687 $ 12,687

Value % of Net Assets * Notes

Syniverse Holdings, Inc.

Technology Distributors First Lien Senior Secured Term Loan SOFR + 7.00%, 8.3% Cash 5/22 5/27 $ 20,003 $ 19,051 $ 17,578 1.4 % (8)(17)

Series A Preferred Equity (7,575,758 units) N/A 5/22 N/A 7,424 7,424 0.6 % (7)

20,003 26,475 25,002

Team Services Group (1.1%)* (7) (8) (10) (31)

Consumer First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 02/22, Due 12/27) 9,903 9,903 9,779

Second Lien Senior Secured Term Loan (LIBOR + 9.0%, 10.0% Cash, Acquired 02/22, Due 12/28) 5,000 4,975 4,950

Syntax Systems Ltd Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.2% Cash 11/21 10/28 2,040 2,009 2,009 0.2 % (3)(7)(8)(9)

Revolver LIBOR + 5.75%, 7.2% Cash 11/21 10/26 564 555 556 — % (3)(7)(8)(9)

2,604 2,564 2,565

TA SL Cayman Aggregator Corp.

Technology Subordinated Term Loan 7.8% PIK 7/21 7/28 2,084 2,050 2,055 0.2 % (7)

Common Stock (1,227.79 shares) N/A 7/21 N/A 50 75 — % (7)

2,084 2,100 2,130

Technology First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28) 2,324 2,265 2,229

Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 05/28) 106 97 96

Tank Holding Corp Metal & Glass Containers First Lien Senior Secured Term Loan SOFR + 6.00%, 7.6% Cash 3/22 3/28 19,127 18,712 18,733 1.5 % (7)(8)(16)

Revolver SOFR + 6.00%, 7.6% Cash 3/22 3/28 364 345 346 — % (7)(8)(16)

19,491 19,057 19,079

Tencarva Machinery Company, LLC (0.4%)* (7) (8) (10)

Capital Equipment First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27) 5,486 5,378 5,384

Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27) — (19) (18)

Team Car Care, LLC Automotive First Lien Senior Secured Term Loan LIBOR + 8.00%, 9.0% Cash 2/22 6/24 12,492 12,492 12,317 1.0 % (7)(8)(10) (32)

12,492 12,492 12,317

The Caprock Group, Inc.

(aka TA/TCG Holdings, LLC) (0.3%)* (7)

Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27) (8) (10)

Revolver (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27) (8) (10)

Subordinated Term Loan (7.8% PIK, Acquired 10/21, Due 10/28) 3,333 3,270 3,276

Team Services Group Services:

Consumer First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.7% Cash 2/22 12/27 9,887 9,887 9,492 0.7 % (8)(9)(32)

Second Lien Senior Secured Term Loan LIBOR + 9.00%, 10.7% Cash 02/22 12/28 5,000 4,975 4,900 0.4 % (7)(8)(9)(32)

14,887 14,862 14,392

The Hilb Group, LLC (1.5%)* (7) (8) (10)

Insurance Brokerage First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26) 20,269 19,888 19,815

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/19, Due 12/26) 299 246 236

Technology First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 11/21 11/28 3,674 3,781 3,573 0.3 % (3)(7)(8)(14)

Revolver EURIBOR + 5.50%, 5.5% Cash 11/21 5/28 278 274 264 — % (3)(7)(8)(14)

3,952 4,055 3,837

The Octave Music Group, Inc.

Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.5% Cash 12/21 12/27 5,458 5,356 5,366 0.4 % (7)(8)(10)

Revolver LIBOR + 5.50%, 7.5% Cash 12/21 12/27 — (18) (16) — % (7)(8)(10)

5,458 5,338 5,350

Diversified & Production First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, 0.75% PIK, Acquired 02/22, Due 05/25) 5,601 5,601 5,489

Terrybear, Inc.

Consumer Products Subordinated Term Loan 10.0% Cash, 4.0% PIK 4/22 4/28 256 251 251 — % (7)

Partnership Equity (24,358.97 units) N/A 4/22 N/A 239 244 — % (7)

The Caprock Group, Inc.

(aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 10/21 12/27 843 778 798 0.1 % (7)(8)(9)

Revolver LIBOR + 4.25%, 5.9% Cash 10/21 12/27 — (13) (10) — % (7)(8)(9)

Subordinated Term Loan 9.00% Cash 10/21 12/27 3,333 3,272 3,282 0.3 % (7)

4,176 4,037 4,070

Thermacell Repellents, Inc.

The Hilb Group, LLC Insurance Brokerage First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 12/19 12/26 482 432 436 — % (7)(8)(10)

First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 12/19 12/25 5,680 5,574 5,565 0.4 % (7)(8)(10)

First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 12/19 12/26 14,486 14,230 14,190 1.1 % (7)(8)(10)

20,648 20,236 20,191

Consumer Goods:

Durable First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.75% Cash, Acquired 02/22, Due 12/26) 2,766 2,766 2,766

Revolver (LIBOR + 5.75%, 6.75% Cash, Acquired 02/22, Due 12/26) 1,595 1,595 1,595

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

The Octave Music Group, Inc.

Diversified & Production Second Lien Senior Secured Term Loan SOFR + 7.75%, 8.2% Cash 4/22 3/30 $ 12,522 $ 12,277 $ 12,272 1.0 % (7)(8)(17)

Partnership Equity (676,880.98 units) N/A 4/22 N/A 677 677 0.1 % (7)

12,522 12,954 12,949

Total Safety U.S.

(0.5%)* (8) (11)

Diversified Support Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 08/25) 6,400 6,228 6,208

Diversified Support Services First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.0% Cash 11/19 8/25 6,309 6,151 6,025 0.5 % (8)(11)

6,309 6,151 6,025

Transit Technologies LLC

TPC Group, Inc.

Chemicals First Lien Senior Secured Term Loan SOFR + 4.50%, 6.0% Cash 06/22 12/23 40,678 40,141 40,116 3.1 % (7)(8)(17)

40,678 40,141 40,116

Software First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/20, Due 02/25) 6,035 5,971 5,818

Transit Technologies LLC Software First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.2% Cash 02/20 2/25 6,035 5,977 5,860 0.5 % (7)(8)(10)

6,035 5,977 5,860

Transportation Insight, LLC (0.8%)* (7) (8) (9)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.25%, 4.7% Cash, Acquired 08/18, Due 12/24) 11,316 11,263 11,172

Transportation Insight, LLC Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 08/18 12/24 11,258 11,210 11,128 0.9 % (7)(8)(9)

11,258 11,210 11,128

Trident Maritime Systems, Inc.

(1.1%)* (7) (8) (10)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/21, Due 02/27) 14,888 14,677 14,888

Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 02/21 2/27 14,850 14,652 14,590 1.1 % (7)(8)(10)

14,850 14,652 14,590

Truck-Lite Co., LLC (1.1%)* (7) (8) (10)

Automotive Parts & Equipment First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26) 14,964 14,620 14,652

Truck-Lite Co., LLC Automotive Parts & Equipment First Lien Senior Secured Term Loan SOFR + 6.25%, 8.5% Cash 12/19 12/26 19,467 19,138 19,077 1.5 % (7)(8)(10)

19,467 19,138 19,077

True Religion Apparel, Inc.

(0.0%)* (7) (31)

Retail Common Stock (2.71 shares, Acquired 02/22) — —

Preferred Stock (2.82 shares, Acquired 02/22) — —

Trystar, LLC (0.5%)* (7)

Power Distribution Solutions First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/18, Due 09/23) (8) (10)

6,980 6,897 6,869

Class A LLC Units (440.97 units, Acquired 09/18) 481 402

Retail Preferred Unit (2.8 units) N/A 02/22 N/A — — — % (7)(32)

Common Stock (2.71 shares) N/A 02/22 N/A — — — % (7)(32)

Trystar, LLC Power Distribution Solutions First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.2% Cash 09/18 9/23 6,952 6,882 6,799 0.5 % (7)(8)(10)

Class A LLC Units (440.97 units) N/A 09/18 N/A 481 317 — % (7)

6,952 7,363 7,116

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Amount Cost Fair

TSM II Luxco 10 SARL (0.8%)* (3) (7) (8) (17)

Chemicals & Plastics Second Lien Senior Secured Term Loan (EURIBOR + 8.75%, 8.8% Cash, Acquired 03/22, Due 03/27) $ 11,127 $ 10,658 $ 10,682

TSM II Luxco 10 SARL Chemical & Plastics Subordinated Term Loan EURIBOR + 8.75%, 8.8% Cash 03/22 3/27 10,454 10,676 10,036 0.8 % (3)(7)(8)(15)

10,454 10,676 10,036

Turbo Buyer, Inc.

(0.5%)* (7) (8) (10)

Finance Companies First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/21, Due 12/25) 6,149 5,991 5,955

Finance Companies First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.2% Cash 11/21 12/25 7,592 7,424 7,456 0.6 % (7)(8)(10)

7,592 7,424 7,456

Turf Products, LLC (0.7%)* (7) (29)

Landscaping & Irrigation Equipment Distributor Senior Subordinated Debt (10.0% Cash, Acquired 12/20, Due 10/23) 8,697 8,384 8,610

Turf Products, LLC Landscaping & Irrigation Equipment Distributor Senior Subordinated Debt 10.0% Cash 12/20 10/23 8,697 8,384 8,487 0.7 % (7)(30)

8,697 8,384 8,487

Turnberry Solutions, Inc.

(0.4%)* (7) (8) (19)

Consumer Cyclical First Lien Senior Secured Term Loan (SOFR + 6.0%, 7.0% Cash, Acquired 07/21, Due 09/26) 5,025 4,936 4,924

Consumer Cyclical First Lien Senior Secured Term Loan SOFR + 6.00%, 7.1% Cash 07/21 9/26 5,000 4,916 4,870 0.4 % (7)(8)(17)

5,000 4,916 4,870

Gas & Electric, Inc.

(0.1%)* (7) (29)

Energy Services Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25) 2,285 1,785 1,785

Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25) (30)

Energy Services Second Lien Loan 9.5% Cash 12/20 7/25 2,285 1,785 1,844 0.1 % (7)(30)

Second Lien Loan 9.5% Cash 12/20 7/25 2,485 — — — % (7)(30)(31)

4,770 1,785 1,844

Silica Company (0.1%)* (3) (8) (9)

Metal & Glass Containers First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 08/18, Due 05/25) 1,472 1,474 1,444

Silica Company Metal & Glass Containers First Lien Senior Secured Term Loan LIBOR + 4.00%, 5.7% Cash 08/18 5/25 1,464 1,466 1,406 0.1 % (3)(8)(9)

1,464 1,466 1,406

UKFast Leaders Limited (0.9%)* (3) (7) (8) (21)

Technology First Lien Senior Secured Term Loan (SONIA + 7.12%, 7.1% Cash, Acquired 09/20, Due 9/27) 11,968 11,410 11,706

UKFast Leaders Limited Technology First Lien Senior Secured Term Loan SONIA + 7.25%, 8.4% Cash 09/20 9/27 11,039 11,421 10,824 0.8 % (3)(7)(8)(20)

11,039 11,421 10,824

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

Union Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.50%, 6.7% Cash 06/22 6/29 $ 818 $ 797 $ 798 0.1 % (3)(7)(8)(20)

United Therapy Holding III GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.7% Cash 4/22 3/29 764 729 700 0.1 % (3)(7)(8)(15)

USLS Acquisition, Inc.

(f/k/a US Legal Support, Inc.) (1.2%)* (7) (8) (10)

Legal Services First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/18, Due 11/24) 16,180 15,961 15,781

16,180 15,961 15,781

Utac Ceram (0.4%)* (3) (7) (8)

Business Services First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/20, Due 09/27) (16)

1,669 1,708 1,641

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 5.5% Cash, Acquired 02/21, Due 09/27) (10)

(f/k/a US Legal Support, Inc.) Legal Services First Lien Senior Secured Term Loan SOFR + 5.50%, 7.7% Cash 11/18 11/24 16,097 15,898 15,736 1.2 % (7)(8)(17)

16,097 15,898 15,736

Utac Ceram Business Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 9/20 9/27 1,568 1,709 1,545 0.1 % (3)(7)(8)(14)

First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 2/21 9/27 3,517 3,460 3,467 0.3 % (3)(7)(8)(10)

5,085 5,169 5,012

Validity, Inc.

(0.4%)* (7) (8) (9)

IT Consulting & Other Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.0% Cash, Acquired 07/19, Due 05/25) 4,783 4,693 4,773

IT Consulting & Other Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.4% Cash 7/19 5/25 4,783 4,700 4,783 0.4 % (7)(8)(9)

4,783 4,700 4,783

Velocity Pooling Vehicle, LLC (0.0%)* (7) (31)

Automotive Common Stock (4,676 shares, Acquired 02/22) 60 60

Warrants (5,591 units, Acquired 02/22) 72 72

Victoria Bidco Limited (0.3%)* (3) (7) (8) (22)

Industrial Machinery First Lien Senior Secured Term Loan (SONIA + 6.5%, 6.5% Cash, Acquired 03/22, Due 01/29) 3,646 3,618 3,523

Velocity Pooling Vehicle, LLC Automotive Common Stock (4,676 shares) N/A 2/22 N/A 60 29 — % (7)(32)

Warrants (5,591 units) N/A 2/22 N/A 72 35 — % (7)(32)

Victoria Bidco Limited Industrial Machinery First Lien Senior Secured Term Loan SONIA + 6.50%, 6.7% Cash 3/22 1/29 3,363 3,621 3,262 0.3 % (3)(7)(8)(21)

3,363 3,621 3,262

Vision Solutions Inc.

(0.5%)* (8) (10) (31)

Business equipment & services Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 02/22, Due 04/29) 6,500 6,497 6,373

6,500 6,497 6,373

VistaJet Pass Through Trust 2021-1B (0.4%)* (7)

Airlines Structured Secured Note - Class B (6.3% Cash, Acquired 11/21, Due 02/29) 5,000 5,000 4,986

Business equipment & services Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.4% Cash 2/22 4/29 6,500 6,497 5,711 0.4 % (8)(9)(32)

6,500 6,497 5,711

Vital Buyer, LLC (0.6%)* (7)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 06/28) (8) (10)

VistaJet Pass Through Trust 2021-1B Airlines Structured Secured Note - Class B 6.3% Cash 11/21 2/29 5,000 5,000 4,836 0.4 % (7)

5,000 5,000 4,836

Partnership Units (16,442.9 units, Acquired 06/21) 164 283

Vital Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.6% Cash 6/21 6/28 7,723 7,588 7,716 0.6 % (7)(8)(10)

Partnership Units (16,442.9 units) N/A 6/21 N/A 164 289 — % (7)

7,723 7,752 8,005

VOYA CLO 2015-2, LTD.

(0.2%)* (3) (31)

Multi-Sector Holdings Subordinated Structured Notes (Residual Interest, current yield 454.7%, Acquired 02/22, Due 07/27)

10,736 2,627 2,561

Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 454.7% 2/22 7/27 10,736 2,951 312 — % (3)(32)

10,736 2,951 312

VOYA CLO 2016-2, LTD.

(0.2%)* (3) (31)

Multi-Sector Holdings Subordinated Structured Notes (Residual Interest, current yield 15.05%, Acquired 02/22, Due 07/28)

Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 15.09% 2/22 7/28 11,088 3,452 2,556 0.2 % (3)(32)

11,088 3,452 2,556

W2O Holdings, Inc.

Healthcare Technology First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.1% Cash 10/20 6/25 3,351 3,351 3,351 0.3 % (7)(11)

First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.6% Cash 10/20 6/25 — (38) — — % (7)(8)(10)

3,351 3,313 3,351

Walker Edison Furniture Company LLC Consumer Goods:

Durable Common Stock (2,819.53 shares) N/A 2/22 N/A 3,598 2,112 0.2 % (7)(32)

Watermill-QMC Midco, Inc.

Automotive Equity (1.62% Partnership Interest) N/A 2/22 N/A — — — % (7)(32)

Wawona Delaware Holdings, LLC Beverage & Food First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.0% Cash 2/22 9/26 45 41 35 — % (10)(32)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

W2O Holdings, Inc.

(0.2%)* (7) (10)

Healthcare Technology First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.1% Cash, Acquired 10/20, Due 06/25) $ 2,147 $ 2,147 $ 2,147

First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.7% Cash, Acquired 10/20, Due 06/25) (8)

2,147 2,088 2,147

Walker Edison Furniture Company LLC (0.3%)* (7) (31)

Consumer Goods:

Durable Common Stock (2,819.53 shares, Acquired 02/22) 3,598 3,598

Watermill-QMC Midco, Inc.

(0.0%)* (7) (31)

Automotive Equity (1.62% Partnership Interest, Acquired 02/22) — —

Wawona Delaware Holdings, LLC (0.0%)* (7) (10) (31)

Beverage & Food First Lien Senior Secured Term Loan (LIBOR + 4.75% 5.0% Cash, Acquired 02/22, Due 09/26) 45 41 40

West Dermatology, LLC (0.7%)* (7) (8) (10) (31)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.5% Cash, Acquired 02/22, Due 02/25) 862 862 862

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 02/22, Due 02/25) 1,049 1,049 1,049

First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, 0.8% PIK, Acquired 02/22, Due 02/25) 6,376 6,376 6,376

Revolver (LIBOR + 6.0%, 7.0% Cash, 0.8% PIK, Acquired 02/22, Due 02/25) 1,105 1,105 1,105

9,392 9,392 9,392

Value % of Net Assets * Notes

Wok Holdings Inc.

(0.0%)* (9) (31)

Retail First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.5% Cash, Acquired 02/22, Due 03/26) 49 48 48

Woodland Foods, LLC (0.8%)* (7)

Food & Beverage First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27) (8) (10)

8,512 8,350 8,362

Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27) (8) (10)

Common Stock (1,663.31 shares, Acquired 12/21) 1,663 1,663

Retail First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.8% Cash 2/22 3/26 $ 48 $ 48 $ 44 — % (8)(10)(32)

Woodland Foods, LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.1% Cash 12/21 12/27 8,470 8,314 8,333 0.6 % (7)(8)(10)

Revolver LIBOR + 5.50%, 7.1% Cash 12/21 12/27 778 736 741 0.1 % (7)(8)(10)

Common Stock (1,663.31 shares) N/A 12/21 N/A 1,663 1,663 0.1 % (7)

9,248 10,713 10,737

World 50, Inc.

(0.9%)* (7) (8) (9)

Professional Services First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26) 2,637 2,578 2,632

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 09/20, Due 01/26) 9,009 8,858 8,866

Professional Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.4% Cash 9/20 1/26 8,963 8,822 8,836 0.7 % (7)(8)(9)

First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.9% Cash 1/20 1/26 2,624 2,568 2,624 0.2 % (7)(8)(9)

11,587 11,390 11,460

ZB Holdco LLC (0.2%)* (7)

Food & Beverage First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 02/22, Due 02/28) (8) (10)

Xeinadin Bidco Limited Financial Other First Lien Senior Secured Term Loan SONIA + 5.25%, 6.2% Cash 5/22 5/29 13,541 13,313 13,004 1.0 % (3)(7)(8)(20)

Subordinated Term Loan 11.0% PIK 5/22 5/29 4,629 4,569 4,479 0.3 % (3)(7)

Common Stock (442,851 shares) N/A 5/22 N/A 550 538 — % (3)(7)

18,170 18,432 18,021

Revolver (LIBOR + 5.0%, 6.0% Cash, Acquired 02/22, Due 02/28) (8) (10)

LLC Units (152.69 units, Acquired 02/22) 153 153

ZB Holdco LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.6% Cash 2/22 2/28 2,698 2,625 2,627 0.2 % (7)(8)(10)

Revolver LIBOR + 5.00%, 7.6% Cash 2/22 2/28 — (16) (15) — % (7)(8)(10)

LLC Units (152.69 units N/A 2/22 N/A 153 188 — % (7)

2,698 2,762 2,800

Zeppelin Bidco Limited (0.4%)* (3) (7) (8) (21)

Business First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 03/22, Due 03/29) 5,653 5,427 5,403

Revolver (SONIA + 6.25%, 6.3% Cash, Acquired 03/22, Due 03/23) — (3) (3)

Zeppelin Bidco Limited Services:

Business First Lien Senior Secured Term Loan SONIA + 6.25%, 6.9% Cash 3/22 3/29 5,876 6,126 5,670 0.4 % (3)(7)(8)(19)

Revolver SONIA + 6.25%, 6.9% Cash 3/22 5/22 — (2) (13) — % (3)(7)(8)(19)

5,876 6,124 5,657

1 unchanged sentence

Affiliate Investments:

1888 Industrial Services, LLC (0.1%)* (7) (31)

Oil & Gas First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 02/22, Due 05/23) (8) (10) (28)

4,186 419 151

Revolver (LIBOR + 6.0%, 7.0% Cash, Acquired 02/22, Due 05/23) (8) (10)

1888 Industrial Services, LLC Energy:

Oil & Gas First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 2/22 5/23 4,264 419 — — % (7)(8)(10) (29)(32)

Revolver LIBOR + 6.00%, 7.0% Cash 2/22 5/23 1,433 1,310 1,376 0.1 % (7)(8)(10) (32)

Warrants (7,546.76 units) N/A 2/22 N/A — — — % (7)(32)

5,697 1,729 1,376

Warrants (7,546.76 units, Acquired 02/22) — —

Charming Charlie LLC Retail First Lien Senior Secured Term Loan 20.0% Cash 2/22 5/22 139 — — — % (7)(29)(32)

First Lien Senior Secured Term Loan 10.4% Cash 2/22 11/22 770 — — — % (29)(32)

First Lien Senior Secured Term Loan LIBOR + 12.00%, 14.3% Cash 2/22 4/23 4,178 — — — % (7)(8)(10) (29)(32)

First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.3% Cash 2/22 4/23 3,413 — — — % (7)(8)(10) (29)(32)

Common Stock (34,923,249 shares) N/A 2/22 N/A — — — % (7)(29)(32)

Eclipse Business Capital, LLC Banking, Finance, Insurance & Real Estate Revolver LIBOR + 7.25% 7/21 7/28 7,091 6,973 7,091 0.6 % (7)(9)

Second Lien Senior Secured Term Loan 7.5% Cash 7/21 7/28 4,545 4,505 4,545 0.4 % (7)

LLC Units (89,447,396 units) N/A 7/21 N/A 89,850 115,894 9.0 % (7)

11,636 101,328 127,530

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Charming Charlie LLC (0.0%)* (7) (31)

Retail First Lien Senior Secured Term Loan (LIBOR + 12.0%, 13.0% Cash, Acquired 02/22, Due 04/23) (8) (10) (28)

$ 4,948 $ — $ —

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 02/22, Due 04/23) (8) (10) (28)

First Lien Senior Secured Term Loan (20.0% Cash, Acquired 02/22, Due 05/22) (28)

Common Stock (34,923,249 shares, Acquired 02/22) — —

Eclipse Business Capital, LLC (9.5%)* (7)

Banking, Finance, Insurance, & Real Estate Second Lien Senior Secured Term Loan (7.5% Cash, Acquired 07/21, Due 07/28) 4,545 4,504 4,545

Revolver (LIBOR + 7.25%, Acquired 07/21, Due 07/28) (10)

2,727 2,605 2,727

LLC Units (89,447,396 units, Acquired 07/21) 89,850 118,366

7,272 96,959 125,638

Hylan Datacom & Electrical LLC (1.0%)* (7) (31)

Construction & Building First Lien Senior Secured Term Loan (SOFR + 8.0%, 9.0% Cash, Acquired 02/22, Due 03/26) (8)(19)

3,917 3,615 3,917

Second Lien Senior Secured Term Loan (SOFR + 10.0%, 11.0% Cash, Acquired 02/22, Due 03/27) (8)(19)

3,850 3,850 3,850

Common Stock (102,144 shares, Acquired 02/22) 5,219 5,219

Value % of Net Assets * Notes

Hylan Datacom & Electrical LLC Construction & Building First Lien Senior Secured Term Loan SOFR + 8.00%, 9.5% Cash 2/22 3/26 $ 3,917 $ 3,633 $ 3,839 0.3 % (7)(8)(17)

Second Lien Senior Secured Term Loan SOFR + 10.00%, 11.0% Cash 2/22 3/27 3,850 3,850 3,773 0.3 % (7)(8)(17)

Common Stock (102,144 shares) N/A 2/22 N/A — 5,219 5,219 0.4 % (7)

7,767 12,702 12,831

Jocassee Partners LLC (3.2%)* (3)

Investment Funds & Vehicles 9.1% Member Interest, Acquired 06/19 35,158 42,106

Jocassee Partners LLC Investment Funds & Vehicles 9.1% Member Interest N/A 6/19 N/A 35,158 40,361 3.2 % (3)

35,158 40,361

Kemmerer Operations, LLC (0.2%)* (7) (31)

Metals & Mining First Lien Senior Secured Term Loan (15.0% PIK, Acquired 02/22, Due 06/23) 2,543 2,543 2,543

Common Stock (6.78 shares, Acquired 02/22) 1,589 1,589

Kemmerer Operations, LLC Metals & Mining First Lien Senior Secured Term Loan 15.0% PIK 2/22 6/23 2,422 2,422 2,422 0.2 % (7)(32)

Common Stock (6.78 shares) N/A 2/22 N/A 1,589 1,839 0.1 % (7)(32)

2,422 4,011 4,261

Sierra Senior Loan Strategy JV I LLC (6.5%)* (3) (31)

Investment Funds & Vehicles 89.01% Member Interest, Acquired 02/22 85,963 82,910

Sierra Senior Loan Strategy JV I LLC Joint Venture 89.01% Member Interest N/A 2/22 N/A 59,260 52,847 4.2 % (3)(32)

59,260 52,847

Thompson Rivers LLC (5.9%)* (3)

Investment Funds & Vehicles 16.0% Member Interest, Acquired 06/20 79,409 75,663

Thompson Rivers LLC Investment Funds & Vehicles 16.0% Member Interest N/A 6/20 N/A 70,624 61,389 4.8 % (3)

70,624 61,389

Waccamaw River LLC (1.5%)* (3)

Investment Funds & Vehicles 20% Member Interest, Acquired 02/21 20,419 20,022

Waccamaw River LLC Investment Funds & Vehicles 20% Member Interest N/A 2/21 N/A 22,520 21,726 1.7 % (3)

22,520 21,726

1 unchanged sentence

Control Investments:

Black Angus Steakhouses, LLC (1.2%)* (7) (31)

Hotel, Gaming & Leisure First Lien Senior Secured Term Loan (LIBOR + 9.0%, 10.0% Cash, Acquired 02/22, Due 06/22) (8) (12)

5,647 5,647 5,647

First Lien Senior Secured Term Loan (10.0% PIK, Acquired 02/22, Due 06/22) (8) (12) (28)

24,071 9,628 9,628

Common Stock (44.6 shares, Acquired 02/22) — —

Black Angus Steakhouses, LLC Hotel, Gaming & Leisure First Lien Senior Secured Term Loan LIBOR + 9.00%, 10.7% Cash 2/22 1/24 5,647 5,647 5,647 0.4 % (7)(8)(9)(32)

First Lien Senior Secured Term Loan 10.0% PIK 2/22 1/24 24,071 9,628 9,628 0.7 % (7)(29)(32)

Common Stock (44.60 shares) N/A 2/22 N/A — — — % (7)(32)

29,718 15,275 15,275

JSC Tekers Holdings (0.4%)* (3) (7) (29)

Real Estate Management Preferred Stock (9,159,085 shares, Acquired 12/20) 4,753 5,953

Common Stock (35,571 shares, Acquired 12/20) — —

MVC Automotive Group Gmbh (1.0%)* (3) (7) (29)

Automotive Bridge Loan (6.0% Cash, Acquired 12/20, Due 06/26) 7,149 7,149 7,149

Common Equity Interest (18,000 shares, Acquired 12/20) 9,554 6,729

JSC Tekers Holdings Real Estate Management Preferred Stock (9,159,085 shares N/A 12/20 N/A 4,753 5,716 0.4 % (3)(7)(30)

Common Stock (35,571 shares) N/A 12/20 N/A — — — % (3)(7)(30)

MVC Automotive Group Gmbh Automotive Bridge Loan (6.0% Cash 6.0% Cash 12/20 6/26 7,149 7,149 7,149 0.6 % (3)(7)(30)

Common Equity interest (18,000 shares) N/A 12/20 N/A 9,553 10,114 0.8 % (3)(7)(30)

7,149 16,702 17,263

MVC Private Equity Fund LP (0.6%)* (3) (29)

Investment Funds & Vehicles General Partnership Interest 225 191

Limited Partnership Interest 8,899 7,508

MVC Private Equity Fund LP Investment Funds & Vehicles General Partnership Interest (1,831.4 units) N/A 3/21 N/A 225 189 — % (3)(30)

Limited Partnership Interest (71,790.4 units) N/A 3/21 N/A 8,899 7,452 0.6 % (3)(30)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Industry Investment Type (1) (2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

Security Holdings B.V.

(5.9%)* (3) (7) (29)

Electrical Engineering Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/22) $ 5,727 $ 5,727 $ 5,727

Senior Subordinated Loan (3.1% PIK, Acquired 12/20, Due 05/22) 9,598 9,598 9,598

Subordinated Senior Subordinated Note (5.0% PIK, Acquired 01/22, Due 05/22) 14,292 14,567 14,292

Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK, Acquired 04/21, Due 04/25) 7,149 7,639 7,149

Common Stock Series A (17,100 shares, Acquired 02/22) 560 439

Common Stock Series B (900 shares, Acquired 12/20) 21,264 41,104

Electrical Engineering Bridge Loan 5.0% PIK 12/20 5/24 $ 5,871 $ 5,871 $ 5,871 0.5 % (3)(7)(30)

Senior Subordinated Term Loan 3.1% PIK 12/20 5/24 10,371 10,371 10,371 0.8 % (3)(7)(30)

Senior Unsecured Term Loan 6.0% Cash, 9.0% PIK 4/21 4/25 7,021 7,943 7,021 0.5 % (3)(7)(30)

Common Stock Series A (17,100 shares) N/A 2/22 N/A 560 737 0.1 % (3)(7)(30)

Common Stock Series B (1,236 shares N/A 12/20 N/A 35,192 68,850 5.4 % (3)(7)(30)

23,263 59,937 92,850

Subtotal Control Investments (11.1%) 60,130 105,791 138,745

Total Investments, March 31, 2022 (182.0%)*

Total Investments, June 30, 2022 (190.7%)*

$ 2,162,455 $ 2,439,067 $ 2,389,076

4 unchanged sentences

Sierra Credit Support Agreement(e)(f)(g) Barings LLC 04/01/32 100,000 36,700 (7,700)

Total Credit Support Agreements, March 31, 2022

Total Credit Support Agreements, June 30, 2022

(a) The MVC Credit Support Agreement covers all of the investments acquired by Barings BDC, Inc.

11 unchanged sentences

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

5 unchanged sentences

07/07/22 4,260

Foreign currency forward contract (AUD) $19,490 A$27,000 Citibank N.A.

04/08/22 (787)

Foreign currency forward contract (AUD) $6,494 A$9,050 HSBC Bank USA 04/08/22 (302)

Foreign currency forward contract (AUD) $1,211 A$1,759 BNP Paribas SA 07/07/22 1

Foreign currency forward contract (AUD) $48,426 A$69,930 Bank of America, N.A.

07/07/22 (146)

Foreign currency forward contract (CAD) C$3,251 $2,528 HSBC Bank USA 07/07/22 (8)

Foreign currency forward contract (CAD) $2,506 C$3,203 Bank of America, N.A.

04/08/22 (58)

Foreign currency forward contract (CAD) $2,549 C$3,190 HSBC Bank USA 07/07/22 (5)

Foreign currency forward contract (CAD) $49 C$61 BNP Paribas SA 07/07/22 2

Foreign currency forward contract (CAD) $2,549 C$3,190 HSBC Bank USA 07/07/22 76

Foreign currency forward contract (CAD) $2,543 C$3,269 HSBC Bank USA 10/06/22 8

Foreign currency forward contract (DKK) 2,159kr.

4 unchanged sentences

Bank of America, N.A.

Foreign currency forward contract (EUR) €2,000 $2,215 Bank of America, N.A.

Foreign currency forward contract (EUR) €86,555 $96,092 Bank of America, N.A.

Foreign currency forward contract (EUR) €105,535 $111,094 HSBC Bank USA 07/07/22 (748)

Foreign currency forward contract (EUR) $25,366 €23,000 HSBC Bank USA 04/08/22 (228)

Foreign currency forward contract (EUR) $8,514 €7,500 BNP Paribas SA 04/08/22 168

Foreign currency forward contract (EUR) $111,089 €100,635 Bank of America, N.A.

07/07/22 5,867

Foreign currency forward contract (EUR) $5,201 €4,901 BNP Paribas SA 07/07/22 77

Foreign currency forward contract (EUR) $10,597 €10,000 Bank of America, N.A.

Foreign currency forward contract (EUR) $96,036 €90,657 HSBC Bank USA 10/06/22 620

Foreign currency forward contract (NZD) NZ$11,801 $7,373 Bank of America, N.A.

07/07/22 (36)

Foreign currency forward contract (NZD) $8,151 NZ$11,801 Bank of America, N.A.

Foreign currency forward contract (NZD) $7,995 NZ$11,600 HSBC Bank USA 04/08/22 (74)

Foreign currency forward contract (NZD) $7,346 NZ$11,771 Bank of America, N.A.

07/07/22 (44)

Foreign currency forward contract (GBP) £23,156 $29,159 HSBC Bank USA 07/07/22 (1,037)

Foreign currency forward contract (GBP) £8,819 $11,521 Bank of America, N.A.

Foreign currency forward contract (GBP) $16,974 £13,500 HSBC Bank USA 07/07/22 579

Foreign currency forward contract (GBP) $12,612 £9,656 Bank of America, N.A.

07/07/22 (97)

Foreign currency forward contract (GBP) $16,274 £13,331 HSBC Bank USA 10/06/22 55

Foreign currency forward contract (SEK) 1,875kr $201 HSBC Bank USA 04/08/22 —

Foreign currency forward contract (SEK) $207 1,875kr HSBC Bank USA 04/08/22 6

Foreign currency forward contract (SEK) 1,976kr $195 Bank of America, N.A.

Foreign currency forward contract (SEK) $213 1,976kr HSBC Bank USA 07/07/22 20

Total Foreign Currency Forward Contracts, March 31, 2022

Foreign currency forward contract (SEK) $201 2,026kr Bank of America, N.A.

Foreign currency forward contract (CHF) 3,100Fr.

$3,241 Bank of America, N.A.

Foreign currency forward contract (CHF) $3,237 3,100Fr.

Bank of America, N.A.

Foreign currency forward contract (CHF) $3,262 3,100Fr.

Bank of America, N.A.

Total Foreign Currency Forward Contracts, June 30, 2022

_______________________________________________________________

6 unchanged sentences

Index-based floating interest rates are generally subject to a contractual minimum interest rate.

A majority of the variable rate loans in the Company's investment portfolio bear interest at a rate that may be determined by reference to LIBOR, EURIBOR, GBP LIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA, BKBM or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower's option.

A majority of the variable rate loans in the Company's investment portfolio bear interest at a rate that may be determined by reference to LIBOR, EURIBOR, GBP LIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA, SARON, BKBM or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower's option.

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

(2) All of the Company’s portfolio company investments (including joint venture investments), which as of March 31, 2022 represented 182.0% 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 investments), which as of June 30, 2022 represented 190.7% of the Company’s net assets, are subject to legal restrictions on sales.

The acquisition date represents the date of the Company's initial investment in the relevant portfolio company.

(3) Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act.

Non-qualifying assets repres e nt 28.7% of tot al investments at fair value as of March 31, 2022.

Non-qualifying assets repres e nt 27.7% of tot al investments at fair value as of June 30, 2022.

Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.

2 unchanged sentences

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

(4) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities (“non-controlled affiliate”).

Transactions related to investments in non-controlled "Affiliate Investments" for the three months ended March 31, 2022 were as follows:

Transactions related to investments in non-controlled "Affiliate Investments" for the six months ended June 30, 2022 were as follows:

December 31, 2021

Value Gross Additions

(b) Gross Reductions (c) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) March 31, 2022 Value

(b) Gross Reductions (c) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) June 30, 2022 Value

Amount of Interest or Dividends Credited to Income(d)

7 unchanged sentences

Charming Charlie LLC (e)(f)

First Lien Senior Secured Term Loan (20.0% Cash) — — — — — — —

First Lien Senior Secured Term Loan (10.4% Cash) — — — — — — —

First Lien Senior Secured Term Loan (LIBOR + 12.0%, 14.3% Cash) — — — — — — —

First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.3% Cash) — — — — — — —

First Lien Senior Secured Term Loan (20.0% Cash) — — — — — — —

Common Stock (34,923,249 shares) — — — — — — —

1 unchanged sentence

Eclipse Business Capital, LLC (e)

Second Lien Senior Secured Term Loan (7.5% Cash) 4,738 1 — — (194) 4,545 83

Revolver (LIBOR + 7.25%) 1,818 5,283 — — (10) 7,091 156

Second Lien Senior Secured Term Loan (7.5% Cash) 4,738 2 — — (195) 4,545 170

LLC units (89,447,396 units) 92,668 — — — 23,226 115,894 6,883

21 unchanged sentences

47,108 — (47,108) — — — —

Sierra Senior Loan Strategy JV I LLC 89.01% Member Interest — 85,963 — — (3,053) 82,910 —

— 85,963 — — (3,053) 82,910 —

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

1 unchanged sentence

Value Gross Additions

(b) Gross Reductions (c) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) March 31, 2022 Value

(b) Gross Reductions (c) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) June 30, 2022 Value

Amount of Interest or Dividends Credited to Income(d)

Portfolio Company Type of Investment(a)

Sierra Senior Loan Strategy JV I LLC 89.01% Member Interest — 85,963 (26,703) — (6,413) 52,847 1,602

— 85,963 (26,703) — (6,413) 52,847 1,602

Thompson Rivers LLC 16.0% Member Interest 84,438 — (8,790) — (14,259) 61,389 5,492

3 unchanged sentences

Total Affiliate Investments $ 288,069 $ 123,660 $ (89,069) $ 101 $ (440) $ 322,321 $ 15,513

(a) Eclipse Business Capital, LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing.

(a) Eclipse Business Capital, LLC, Thompson Rivers LLC, Sierra Senior Loan Strategy JV I LLC and Waccamaw River LLC equity investments are income producing.

All other equity and any equity-linked investments are non-income producing.

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

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

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

(d) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

2 unchanged sentences

(5) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement).

Transactions as of and during the three months ended March 31, 2022 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:

Transactions as of and during the six months ended June 30, 2022 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:

December 31, 2021

Value Gross Additions

(b) Gross Reductions (c) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) March 31, 2022

(b) Gross Reductions (c) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) June 30, 2022

Amount of Interest or Dividends Credited to Income(d)

1 unchanged sentence

Black Angus Steakhouses, LLC (e)

First Lien Senior Secured Term Loan (LIBOR + 9.0%, 10.7% Cash) $ — $ 5,647 $ — $ — $ — $ 5,647 $ 198

First Lien Senior Secured Term Loan (10.0% PIK) (f)

— 9,628 — — — 9,628 —

First Lien Senior Secured Term Loan (LIBOR + 9.0%, 10.0% Cash) — 5,647 — — — 5,647 55

Common Stock (44.6 shares) — — — — — — —

5 unchanged sentences

MVC Automotive Group GmbH (e)

Common Equity Interest 7,699 — — — (970) 6,729 —

Bridge Loan (6.0% PIK 12/31/2021) 7,149 — — — — 7,149 216

Common Equity Interest 7,699 — — — 2,415 10,114 —

14,848 — — — 2,415 17,263 216

MVC Private Equity Fund LP Limited Partnership Interest 7,376 — — — 132 7,508 —

General Partnership Interest 188 — — — 3 191 (1,039)

MVC Private Equity Fund LP General Partnership Interest 188 — — — 1 189 (921)

Limited Partnership Interest 7,376 — — — 76 7,452 —

7,564 — — — 77 7,641 (921)

1 unchanged sentence

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

June 30, 2022

(Amounts in thousands, except share amounts)

1 unchanged sentence

Value Gross Additions

(b) Gross Reductions (c) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) March 31, 2022

(b) Gross Reductions (c) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) June 30, 2022

Amount of Interest or Dividends Credited to Income(d)

2 unchanged sentences

Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/24) $ — $ 5,871 $ — $ — $ — $ 5,871 $ 144

Senior Subordinated Loan (3.1% PIK, Acquired 12/20, Due 05/22) — 9,598 — — — 9,598 78

Subordinated Senior Subordinated Note (5.0% PIK, Acquired 12/20, Due 05/22) — 14,567 — — (275) 14,292 160

Senior Subordinated Term Loan (3.1% PIK, Acquired 12/20, Due 05/24) — 10,371 — — — 10,371 169

Senior Subordinated Note (5.0% PIK, Acquired 12/20, Due 05/22) — 14,567 (13,754) (813) — — 174

Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK, Acquired 04/21, Due 04/25) — 7,610 — — (589) 7,021 516

5 unchanged sentences

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

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

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

(d) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.

1 unchanged sentence

(f) Non-accrual investment

(6) Some or all of the investment is or will be encumbered as security for the Company's $965.0 million senior secured credit facility with ING Capital LLC initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the "February 2019 Credit Facility").

(6) Some or all of the investment is or will be encumbered as security for the Company's $1.1 billion senior secured credit facility with ING Capital LLC initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the "February 2019 Credit Facility").

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

(8) Debt investment includes interest rate floor feature.

(9) The interest rate on these loans is subject to 1 Month LIBOR, which as of March 31, 2022 was 0.45200%.

(10) The interest rate on these loans is subject to 3 Month LIBOR, which as of March 31, 2022 was 0.96157%.

(11) The interest rate on these loans is subject to 6 Month LIBOR, which as of March 31, 2022 was 1.46986%.

(12) The interest rate on these loans is subject to 12 Month LIBOR, which as of March 31, 2022 was 2.10143%.

(13) The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of March 31, 2022 was 1.03540%.

(14) The interest rate on these loans is subject to 6 Month GBP LIBOR, which as of March 31, 2022 was 1.47070%.

(15) The interest rate on these loans is subject to 1 Month EURIBOR, which as of March 31, 2022 was -0.53200%.

(16) The interest rate on these loans is subject to 3 Month EURIBOR, which as of March 31, 2022 was -0.45800%.

(17) The interest rate on these loans is subject to 6 Month EURIBOR, which as of March 31, 2022 was -0.36700%.

(18) The interest rate on these loans is subject to 1 Month SOFR, which as of March 31, 2022 was 0.30240%.

(19) The interest rate on these loans is subject to 3 Month SOFR, which as of March 31, 2022 was 0.67512%.

(20) The interest rate on these loans is subject to 6 Month SOFR, which as of March 31, 2022 was 1.07915%.

(21) The interest rate on these loans is subject to 3 Month SONIA, which as of March 31, 2022 was 0.91610%.

(22) The interest rate on these loans is subject to 6 Month SONIA, which as of March 31, 2022 was 1.19410%.

(23) The interest rate on these loans is subject to 1 Month BBSY, which as of March 31, 2022 was 0.01270%.

(24) The interest rate on these loans is subject to 3 Month BBSY, which as of March 31, 2022 was 0.23150%.

(25) The interest rate on these loans is subject to 3 Month CDOR, which as of March 31, 2022 was 1.26000%.

(26) The interest rate on these loans is subject to 3 Month STIBOR, which as of March 31, 2022 was 0.00057%.

(27) The interest rate on these loans is subject to 3 Month BKBM, which as of March 31, 2022 was 1.49000%.

(9) The interest rate on these loans is subject to 1 Month LIBOR, which as of June 30, 2022 was 1.78671%.

(10) The interest rate on these loans is subject to 3 Month LIBOR, which as of June 30, 2022 was 2.28514%.

(11) The interest rate on these loans is subject to 6 Month LIBOR, which as of June 30, 2022 was 2.93514%.

(12) The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of June 30, 2022 was 1.66920%.

(13) The interest rate on these loans is subject to 1 Month EURIBOR, which as of June 30, 2022 was -0.50800%.

(14) The interest rate on these loans is subject to 3 Month EURIBOR, which as of June 30, 2022 was -0.19500%.

(15) The interest rate on these loans is subject to 6 Month EURIBOR, which as of June 30, 2022 was 0.26300%.

(16) The interest rate on these loans is subject to 1 Month SOFR, which as of June 30, 2022 was 1.68597%.

(17) The interest rate on these loans is subject to 3 Month SOFR, which as of June 30, 2022 was 2.11654%.

(18) The interest rate on these loans is subject to 6 Month SOFR, which as of June 30, 2022 was 2.63063%.

(19) The interest rate on these loans is subject to 1 Month SONIA, which as of June 30, 2022 was 1.19310%.

(20) The interest rate on these loans is subject to 3 Month SONIA, which as of June 30, 2022 was 1.54990%.

(21) The interest rate on these loans is subject to 6 Month SONIA, which as of June 30, 2022 was 1.97950%.

(22) The interest rate on these loans is subject to 1 Month BBSY, which as of June 30, 2022 was 1.14000%.

(23) The interest rate on these loans is subject to 3 Month BBSY, which as of June 30, 2022 was 1.81320%.

(24) The interest rate on these loans is subject to 6 Month BBSY, which as of June 30, 2022 was 2.67220%.

(25) The interest rate on these loans is subject to 3 Month CDOR, which as of June 30, 2022 was 2.75500%.

(26) The interest rate on these loans is subject to 3 Month STIBOR, which as of June 30, 2022 was 0.00802%.

(27) The interest rate on these loans is subject to 3 Month BKBM, which as of June 30, 2022 was 2.68000%.

(28) The interest rate on these loans is subject to 3 Month SARON, which as of June 30, 2022 was -0.62710%.

(29) Non-accrual investment.

11 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

Non–Control / Non–Affiliate Investments:

1WorldSync, Inc.

(2.2%)* (7) (8) (10)

IT Consulting & Other Services First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25) $ 16,434 $ 16,185 $ 16,434

IT Consulting & Other Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 07/19 07/25 $ 16,434 $ 16,185 $ 16,434 2.2 % (7) (8) (10)

16,434 16,185 16,434

Accelerate Learning, Inc.

(1.0%)* (7) (8) (10)

Education Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24) 7,568 7,486 7,429

Education Services First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 12/18 12/24 7,568 7,486 7,429 1.0 % (7) (8) (10)

7,568 7,486 7,429

Acclime Holdings HK Limited

(0.2%)* (3) (7) (8) (10)

Business Services First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27) 1,211 1,138 1,147

Business Services First Lien Senior Secured Term Loan LIBOR + 6.5%, 7.0% Cash 08/21 07/27 1,211 1,138 1,147 0.2 % (3) (7) (8) (10)

1,211 1,138 1,147

Accurus Aerospace Corporation (3.2%)* (7) (8) (11)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.50% PIK, Acquired 10/18, Due 10/24) 24,874 24,684 24,016

Accurus Aerospace Corporation Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash, 1.50% PIK 10/18 10/24 24,874 24,684 24,016 3.2 % (7) (8) (11)

24,874 24,684 24,016

ADB Safegate (0.7%)* (3) (8) (10)

Aerospace & Defense Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 07/25) 5,500 5,091 5,106

ADB Safegate Aerospace & Defense Second Lien Senior Secured Term Loan LIBOR + 7.75%, 8.8% Cash 08/21 07/25 5,500 5,091 5,106 0.7 % (3) (8) (10)

5,500 5,091 5,106

Advantage Software Company (The), LLC (0.0%)* (7)

Advertising, Printing & Publishing Class A1 Partnership Units (8,717.76 units, Acquired 12/21) 280 280

Class A2 Partnership Units (2,248.46 units, Acquired 12/21) 72 72

Class B1 Partnership Units (8,717.76 units, Acquired 12/21) 9 9

Class B2 Partnership Units (2,248.46 units, Acquired 12/21) 2 2

Aftermath Bidco Corporation (1.3%)* (7) (8) (10)

Professional Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25) 9,425 9,299 9,303

Advantage Software Company (The), LLC Advertising, Printing & Publishing Class A1 Partnership Units (8,717.76 units) N/A 12/21 N/A 280 280 — % * (7)

Class A2 Partnership Units (2,248.46 units) N/A 12/21 N/A 72 72 — % * (7)

Class B1 Partnership Units (8,717.76 units) N/A 12/21 N/A 9 9 — % * (7)

Class B2 Partnership Units (2,248.46 units) N/A 12/21 N/A 2 2 — % * (7)

Aftermath Bidco Corporation Professional Services First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 04/19 04/25 9,425 9,299 9,303 1.3 % (7) (8) (10)

9,425 9,299 9,303

Air Canada 2020-2 Class B Pass Through Trust (0.9%)* Airlines Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25) 6,170 6,170 6,822

Air Canada 2020-2 Class B Pass Through Trust Airlines Structured Secured Note - Class B 9.0% Cash 09/20 10/25 6,170 6,170 6,822 0.9 %

6,170 6,170 6,822

Air Comm Corporation, LLC (1.5%)* (7) (8) (10)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27) 11,540 11,265 11,280

Air Comm Corporation, LLC Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 06/21 07/27 11,540 11,265 11,280 1.5 % (7) (8) (10)

11,540 11,265 11,280

AIT Worldwide Logistics Holdings, Inc.

Transportation Services Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/29) (8) (10)

6,460 6,325 6,460

Partnership Units (348.68 units, Acquired 04/21) 349 689

6,460 6,674 7,149

Alpine US Bidco LLC (2.4%)* (7) (8) (10)

Agricultural Products Second Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29) 18,157 17,642 17,975

Transportation Services Second Lien Senior Secured Term Loan LIBOR + 7.75%, 8.5% Cash 04/21 04/29 6,460 6,325 6,460 0.9 % * (7) (8) (10)

Partnership Units (348.68 units) N/A 04/21 N/A 349 689 0.1 % * (7)

6,460 6,674 7,149

Amtech LLC (0.5%)* (7) (8)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27) (9)

Alpine US Bidco LLC Agricultural Products Second Lien Senior Secured Term Loan LIBOR + 9.0%, 9.8% Cash 05/21 05/29 18,157 17,642 17,975 2.4 % (7) (8) (10)

18,157 17,642 17,975

Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27) (10)

Amtech LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 11/21 11/27 4,091 3,958 3,955 0.5 % (7) (8) (9)

Revolver LIBOR + 5.5%, 6.3% Cash 11/21 11/27 — (13) (14) — % (7) (8) (10)

4,091 3,945 3,941

Anagram Holdings, LLC

Chemicals, Plastics, & Rubber First Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25) 14,395 13,459 16,051

14,395 13,459 16,051

AnalytiChem Holding Gmbh (0.3%)* (3) (7) (8) (14)

Chemicals First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28) 2,801 2,580 2,576

2,801 2,580 2,576

Anju Software, Inc.

Chemicals, Plastics, & Rubber First Lien Senior Secured Note 10.0% Cash, 5.0% PIK 08/20 08/25 14,395 13,459 16,051 2.2 % * (3)

14,395 13,459 16,051

Application Software First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 02/19, Due 02/25) 13,528 13,355 13,284

AnalytiChem Holding Gmbh Chemicals First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 11/21 11/28 2,801 2,580 2,576 0.3 % (3) (7) (8) (14)

2,801 2,580 2,576

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

AP Aristotle Holdings, LLC (0.2)* (7)

Oil Field Services Subordinated Term Loan (19.8% Cash, Acquired 12/21, Due 06/25) $ 1,883 $ 1,890 $ 1,854

1,883 1,890 1,854

Apex Bidco Limited (0.3%)* (3) (7)

Business Equipment & Services First Lien Senior Secured Term Loan (GBP LIBOR + 6.25%, 6.8% Cash, Acquired 01/20, Due 01/27) (8) (12)

Value % of Net Assets * Notes

Anju Software, Inc.

Application Software First Lien Senior Secured Term Loan LIBOR + 6.25%, 6.3% Cash 02/19 02/25 $ 13,528 $ 13,355 $ 13,284 1.8 % (7) (8) (9)

13,528 13,355 13,284

Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27) 278 264 278

AP Aristotle Holdings, LLC Oil Field Services Subordinated Term Loan 19.8% Cash 12/21 06/25 1,883 1,890 1,854 0.2 % * (7)

1,883 1,890 1,854

GmbH (0.6%)* (3) (7)

Chemicals, Plastics, & Rubber First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27) (8) (14)

Apex Bidco Limited Business Equipment & Services First Lien Senior Secured Term Loan GBP LIBOR + 6.25%, 6.8% Cash 01/20 01/27 1,974 1,869 1,970 0.3 % (3) (7) (8) (12)

Subordinated Senior Unsecured Term Loan 8.0% PIK 01/20 01/27 278 264 278 — % (3) (7)

2,252 2,133 2,248

Preferred Stock (13 shares, Acquired 09/21) 120 111

Common Stock (48 shares, Acquired 09/21) 12 11

GmbH Chemicals, Plastics, & Rubber First Lien Senior Secured Term Loan EURIBOR + 6.5%, 6.5% Cash 09/21 09/27 4,656 4,717 4,552 0.6 % (3) (7) (8) (14)

Preferred Stock (13 shares) N/A 09/21 N/A 120 111 — % (3) (7)

Common Stock (48 shares) N/A 09/21 N/A 12 11 — % (3) (7)

4,656 4,849 4,674

Apus Bidco Limited (0.5%)* (3) (7) (8) (17)

Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28) 3,902 3,874 3,823

Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SONIA + 5.5%, 5.5% Cash 02/21 03/28 3,902 3,874 3,823 0.5 % (3) (7) (8) (17)

3,902 3,874 3,823

AQA Acquisition Holding, Inc.

(2.7%)* (7) (8) (10)

High Tech Industries Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29) 20,000 19,510 20,000

20,000 19,510 20,000

Aquavista Watersides 2 LTD (1.0%)* (3) (7) (8) (17)

Transportation Services First Lien Senior Secured Term Loan (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28) 6,042 5,696 5,766

Second Lien Senior Secured Term Loan (SONIA + 10.5% PIK, Acquired 12/21, Due 12/28) 1,510 1,446 1,465

Revolver (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/22) — (4) (5)

7,552 7,138 7,226

Arch Global Precision LLC (1.2%)* (7) (8) (10)

Industrial Machinery First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 04/19, Due 04/26) 9,248 9,244 9,248

9,248 9,244 9,248

Archimede (1.1%)* (3) (7) (8) (14)

Consumer Services First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27) 8,415 8,761 8,255

High Tech Industries Second Lien Senior Secured Term Loan LIBOR + 7.5%, 8.0% Cash 03/21 03/29 20,000 19,510 20,000 2.7 % (7) (8) (10)

20,000 19,510 20,000

Argus Bidco Limited (0.5%)* (3) (7) (8)

High Tech Industries First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27) (16)

Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan SONIA + 6.0%, 6.1% Cash 12/21 12/28 6,042 5,696 5,766 0.8 % (3) (7) (8) (17)

Second Lien Senior Secured Term Loan SONIA + 10.5% PIK 12/21 12/28 1,510 1,446 1,465 0.2 % (3) (7) (8) (17)

Revolver SONIA + 6.0%, 6.1% Cash 12/21 12/22 — (4) (5) — % (3) (7) (8) (17)

7,552 7,138 7,226

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27) (10)

Arch Global Precision LLC Industrial Machinery First Lien Senior Secured Term Loan LIBOR + 4.75%, 4.8% Cash 04/19 04/26 9,248 9,244 9,248 1.2 % (7) (8) (10)

9,248 9,244 9,248

Armstrong Transport Group (Pele Buyer, LLC ) (0.5%)* (7) (8) (10)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24) 4,020 3,961 3,939

Archimede Consumer Services First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 10/20 10/27 8,415 8,761 8,255 1.1 % (3) (7) (8) (14)

8,415 8,761 8,255

ASPEQ Heating Group LLC (1.1%)* (7) (8) (9)

Building Products, Air & Heating First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25) 8,464 8,377 8,464

Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan SONIA + 5.5%, 5.8% Cash 12/20 12/27 2,682 2,559 2,682 0.4 % (3) (7) (8) (16)

First Lien Senior Secured Term Loan LIBOR + 5.5%, 5.8% Cash 05/21 12/27 672 653 672 0.1 % (3) (7) (8) (10)

3,354 3,212 3,354

Astra Bidco Limited (0.7%)* (3) (7) (8) (16)

Healthcare First Lien Senior Secured Term Loan (SONIA + 5.75%, 5.8% Cash, Acquired 11/21, Due 11/28) 5,786 5,479 5,535

Armstrong Transport Group (Pele Buyer, LLC ) Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 06/19 06/24 4,020 3,961 3,939 0.5 % (7) (8) (10)

4,020 3,961 3,939

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

Commercial Finance First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/19, Due 12/26) (15)

ASPEQ Heating Group LLC Building Products, Air & Heating First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 11/19 11/25 8,464 8,377 8,464 1.1 % (7) (8) (9)

8,464 8,377 8,464

First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 04/21, Due 12/26) (17)

Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.75%, 5.8% Cash 11/21 11/28 5,786 5,479 5,535 0.7 % (3) (7) (8) (16)

5,786 5,479 5,535

Avance Clinical Bidco Pty Ltd (0.8%)* (3) (7) (8) (20)

Healthcare First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 11/21, Due 11/27) 6,457 6,040 6,158

Auxi International Commercial Finance First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 12/19 12/26 1,592 1,521 1,439 0.2 % (3) (7) (8) (15)

First Lien Senior Secured Term Loan SONIA + 6.25%, 6.3% Cash 04/21 12/26 907 897 820 0.1 % (3) (7) (8) (17)

2,499 2,418 2,259

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

AVSC Holding Corp.

(1.6%)* Advertising First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 03/25) (8) (10)

Value % of Net Assets * Notes

Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 5.5%, 6.0% Cash 11/21 11/27 $ 6,457 $ 6,040 $ 6,158 0.8 % (3) (7) (8) (20)

6,457 6,040 6,158

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 10/26) (8) (10)

First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26) 5,514 5,399 6,404

AVSC Holding Corp.

Advertising First Lien Senior Secured Term Loan LIBOR + 3.25%, 4.3% Cash, 0.25% PIK 08/18 03/25 4,867 4,405 4,458 0.6 % (8) (10)

First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash, 1.0% PIK 08/18 10/26 748 693 693 0.1 % (8) (10)

First Lien Senior Secured Term Loan 5.0% Cash, 10.0% PIK 11/20 10/26 5,514 5,399 6,404 0.9 %

11,129 10,497 11,555

Azalea Buyer, Inc.

Technology First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27) (10)

4,606 4,496 4,494

Subordinated Term Loan (12.0% PIK, Acquired 11/21, Due 05/28) 1,260 1,235 1,234

Common Stock (192,307.7 shares, Acquired 11/21) 192 192

Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27) (10)

Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 11/21 11/27 4,606 4,496 4,494 0.6 % (7) (10)

Subordinated Term Loan 12.0% PIK 11/21 05/28 1,260 1,235 1,234 0.2 % * (7)

Common Stock (192,307.7 shares) N/A 11/21 N/A 192 192 — % * (7)

Revolver LIBOR + 5.25%, 6.3% Cash 11/21 11/27 — (9) (10) — % (7) (10)

5,866 5,914 5,910

Bariacum S.A.

(0.8%)* (3) (7) (8) (14)

Consumer Products First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28) 6,482 6,236 6,244

Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 11/21 11/28 6,482 6,236 6,244 0.8 % (3) (7) (8) (14)

6,482 6,236 6,244

BDP International, Inc.

(f/k/a BDP Buyer, LLC) (2.0%)* (7) (8) (9)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24) 14,849 14,643 14,626

(f/k/a BDP Buyer, LLC) Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 12/18 12/24 14,849 14,643 14,626 2.0 % (7) (8) (9)

14,849 14,643 14,626

Benify (Bennevis AB)

(0.2%)* (3) (7) (8) (18)

High Tech Industries First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26) 1,286 1,222 1,286

High Tech Industries First Lien Senior Secured Term Loan STIBOR + 5.25%, 5.3% Cash 07/19 07/26 1,286 1,222 1,286 0.2 % (3) (7) (8) (18)

1,286 1,222 1,286

Beyond Risk Management, Inc.

(0.3%)* (7) (8) (10)

Other Financial First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/21, Due 09/27) 2,427 2,336 2,327

Other Financial First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.3% Cash 10/21 09/27 2,427 2,336 2,327 0.3 % (7) (8) (10)

2,427 2,336 2,327

Bidwax (1.0%)* (3) (7) (8) (14)

Non-durable Consumer Goods First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28) 7,960 8,062 7,741

Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan EURIBOR + 6.5%, 6.5% Cash 02/21 02/28 7,960 8,062 7,741 1.0 % (3) (7) (8) (14)

7,960 8,062 7,741

BigHand UK Bidco Limited (0.1%)* (3) (7) (8) (13)

High Tech Industries First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.4% Cash, Acquired 01/21, Due 01/28) 909 880 878

Black Diamond Equipment Rentals LLC (1.5%)* (7) (25)

Equipment Rental Second Lien Loan (12.5% Cash, Acquired 12/20, Due 06/22) 10,000 10,000 10,000

Warrant (4.17 units, Acquired 12/20) 1,010 864

BigHand UK Bidco Limited High Tech Industries First Lien Senior Secured Term Loan GBP LIBOR + 5.25%, 5.4% Cash 01/21 01/28 909 880 878 0.1 % (3) (7) (8) (13)

Black Diamond Equipment Rentals LLC Equipment Rental Second Lien Loan 12.5% Cash 12/20 06/22 10,000 10,000 10,000 1.4 % (7) (25)

Warrants (4.17 units) N/A 12/20 N/A 1,010 864 0.1 % (7) (25)

10,000 11,010 10,864

Bounteous, Inc.

(0.6%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27) 4,911 4,752 4,756

4,911 4,752 4,756

Brightline Trains Florida LLC (0.7%)* (7)

Transportation Senior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28) 5,000 5,000 5,005

Technology First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 08/21 08/27 4,911 4,752 4,756 0.6 % (7) (8) (10)

4,911 4,752 4,756

Brightpay Limited (0.3%)* (3) (7) (8) (14)

Technology First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28) 1,918 1,883 1,862

Brightline Trains Florida LLC Transportation Senior Secured Note 8.0% Cash 08/21 01/28 5,000 5,000 5,005 0.7 % * (7)

5,000 5,000 5,005

BrightSign LLC (1.9%)* (7)

Media & Entertainment First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27) (8) (10)

Brightpay Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 10/21 10/28 1,918 1,883 1,862 0.3 % (3) (7) (8) (14)

1,918 1,883 1,862

LLC units (1,107,492.71 units, Acquired 10/21) 1,107 1,135

Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27) (8) (10)

BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 10/21 10/27 12,811 12,687 12,683 1.7 % (7) (8) (10)

LLC units (1,107,492.71 units) N/A 10/21 N/A 1,107 1,135 0.2 % * (7)

Revolver LIBOR + 5.75%, 6.8% Cash 10/21 10/27 — (13) (13) — % (7) (8) (10)

12,811 13,781 13,805

British Airways 2020-1 Class B Pass Through Trust (0.1%)* Airlines Structured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28) 810 810 916

Barings BDC, Inc.

2 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

British Engineering Services Holdco Limited (2.1%)* (3) (7) (8) (17)

Commercial Services & Supplies First Lien Senior Secured Term Loan (SONIA + 6.75%, 7.0% Cash, Acquired 12/20, Due 12/27) $ 15,530 $ 15,081 $ 15,406

Revolver (SONIA + 6.75%, 7.0% Cash, Acquired 12/20, Due 06/22) — (2) (5)

Value % of Net Assets * Notes

British Airways 2020-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B 8.4% Cash 11/20 11/28 $ 810 $ 810 $ 916 0.1 %

British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan SONIA + 6.75%, 7.0% Cash 12/20 12/27 15,530 15,081 15,406 2.1 % (3) (7) (8) (17)

Revolver SONIA + 6.75%, 7.0% Cash 12/20 06/22 — (2) (5) — % (3) (7) (8) (17)

15,530 15,079 15,401

Brown Machine Group Holdings, LLC (0.9%)* (7) (8) (9)

Industrial Equipment First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24) 6,634 6,587 6,634

Brown Machine Group Holdings, LLC Industrial Equipment First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 10/18 10/24 6,634 6,587 6,634 0.9 % (7) (8) (9)

6,634 6,587 6,634

Cadent, LLC (f/k/a Cross MediaWorks) (0.9%)* (7) (8) (9)

Media & Entertainment First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23) 6,913 6,888 6,913

Cadent, LLC (f/k/a Cross MediaWorks) Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 09/18 09/23 6,913 6,888 6,913 0.9 % (7) (8) (9)

6,913 6,888 6,913

CAi Software, LLC (1.2%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28) 9,057 8,877 8,876

Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28) — (19) (19)

CAi Software, LLC Technology First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 12/21 12/28 9,057 8,877 8,876 1.2 % (7) (8) (10)

Revolver LIBOR + 6.25%, 7.3% Cash 12/21 12/28 — (19) (19) — %

9,057 8,858 8,857

Canadian Orthodontic Partners Corp.

Healthcare First Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26) 1,640 1,697 1,625

Healthcare First Lien Senior Secured Term Loan CDOR + 6.5%, 7.5% Cash 06/21 03/26 1,640 1,697 1,625 0.2 % (3) (7) (8) (21)

1,640 1,697 1,625

Carlson Travel, Inc (1.2%)* Business Travel Management First Lien Senior Secured Note (8.5% Cash, Acquired 11/21, Due 11/26) 6,050 5,654 6,161

Common Stock (94,155 shares, Acquired 11/21) 1,655 3,084

Carlson Travel, Inc Business Travel Management First Lien Senior Secured Note 8.5% Cash 11/21 11/26 6,050 5,654 6,161 0.8 %

Common Stock (94,155 shares) N/A 11/21 N/A 1,655 3,084 0.4 %

6,050 7,309 9,245

Centralis Finco S.a.r.l.

(0.1%)* (3) (7) (8) (14)

Diversified Financial Services First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/20, Due 05/27) 807 739 807

Ceres Pharma NV (0.6%)* (3) (7) (8) (15)

Pharmaceuticals First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 10/21, Due 10/28) 4,556 4,444 4,355

Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 05/20 05/27 807 739 807 0.1 % (3) (7) (8) (14)

Ceres Pharma NV Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 10/21 10/28 4,556 4,444 4,355 0.6 % (3) (7) (8) (15)

4,556 4,444 4,355

Cineworld Group PLC

Leisure Products Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24) 1,786 1,591 2,128

Super Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 07/21, Due 05/24) (8) (11)

994 961 1,054

Warrants (553,375 units, Acquired 12/20) 102 244

Leisure Products Super Senior Secured Term Loan 7.0% Cash, 8.3% PIK 11/20 05/24 1,786 1,591 2,128 0.3 % * (3)

Super Senior Secured Term Loan LIBOR + 8.25%, 9.3% Cash 07/21 05/24 994 961 1,054 0.2 % * (3) (8) (11)

Warrants (553,375 units) N/A 12/20 N/A 102 244 — % * (3)

2,780 2,654 3,426

Classic Collision (Summit Buyer, LLC) (1.7%)* (7) (8) (10)

Auto Collision Repair Centers First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/26) 12,587 12,384 12,448

Classic Collision (Summit Buyer, LLC) Auto Collision Repair Centers First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 01/20 01/26 12,587 12,384 12,448 1.7 % (7) (8) (10)

12,587 12,384 12,448

CM Acquisitions Holdings Inc.

(2.6%)* (7) (8) (10)

Internet & Direct Marketing First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25) 19,106 18,897 19,106

19,106 18,897 19,106

CMT Opco Holding, LLC (Concept Machine) (0.6%)* (7)

Distributors First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25) (8) (10)

4,144 4,090 3,999

LLC Units (8,782 units, Acquired 01/20) 352 227

Internet & Direct Marketing First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 05/19 05/25 19,106 18,897 19,106 2.6 % (7) (8) (10)

19,106 18,897 19,106

Coastal Marina Holdings, LLC (2.4%)* (7)

Other Financial Subordinated Term Loan (10.0% PIK, Acquired 11/21, Due 11/31) 17,608 15,965 15,966

LLC Units (547,591 units, Acquired 11/21) 1,643 1,643

CMT Opco Holding, LLC (Concept Machine) Distributors First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 01/20 01/25 4,144 4,090 3,999 0.6 % (7) (8) (10)

LLC Units (8,782 units) N/A 01/20 N/A 352 227 — % * (7)

4,144 4,442 4,226

Cobham Slip Rings SAS (0.6%)* (3) (7) (8) (10)

Diversified Manufacturing First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.4% Cash, Acquired 11/21, Due 11/28) 4,303 4,199 4,196

Coastal Marina Holdings, LLC Other Financial Subordinated Term Loan 10.0% PIK 11/21 11/31 17,608 15,965 15,966 2.2 % * (7)

LLC Units (547,591 units) N/A 11/21 N/A 1,643 1,643 0.2 % * (7)

17,608 17,608 17,609

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Command Alkon (Project Potter Buyer, LLC) (1.9%)* (7)

Software First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27) (8) (9)

$ 13,779 $ 13,290 $ 13,658

Class A Units (90.384 units, Acquired 04/20) 90 101

Class B Units (33,324.69 units, Acquired 04/20) — 186

13,779 13,380 13,945

Contabo Finco S.À R.L (0.8%)* (3) (7) (8) (16)

Internet Software & Services First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 11/21, Due 10/26) 5,949 5,819 5,830

5,949 5,819 5,830

Coyo Uprising GmbH (0.6%)* (3) (7)

First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/28) (8) (14)

4,062 4,050 3,938

Class A Units (440.0 units, Acquired 09/21) 205 587

Class B Units (191.0 units, Acquired 09/21) 446 252

Value % of Net Assets * Notes

Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 6.25%, 6.4% Cash 11/21 11/28 $ 4,303 $ 4,199 $ 4,196 0.6 % (3) (7) (8) (10)

4,303 4,199 4,196

Crash Champions (1.9%)* (7) (8) (10)

Automotive First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25) 14,567 14,040 13,968

Command Alkon (Project Potter Buyer, LLC) Software First Lien Senior Secured Term Loan LIBOR + 8.25%, 9.3% Cash 04/20 04/27 13,779 13,290 13,658 1.9 % (7) (8) (9)

Class A Units (90.384 units) N/A 04/20 N/A 90 101 — % * (7)

Class B Units (33,324.69 units) N/A 04/20 N/A — 186 — % * (7)

13,779 13,380 13,945

CSL DualCom (0.2%)* (3) (7) (8) (13)

Tele-communications First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27) 1,341 1,203 1,301

Contabo Finco S.À R.L Internet Software & Services First Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash 11/21 10/26 5,949 5,819 5,830 0.8 % (3) (7) (8) (16)

5,949 5,819 5,830

Custom Alloy Corporation (4.0%)* (7) (24) (25)

Manufacturer of Pipe Fittings & Forgings Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22) 45,000 37,043 27,450

Revolver (15.0% PIK, Acquired 12/20, Due 04/22) 4,255 3,738 2,596

Coyo Uprising GmbH Technology

First Lien Senior Secured Term Loan EURIBOR + 6.5%, 6.5% Cash 09/21 09/28 4,062 4,050 3,938 0.5 % (3) (7) (8) (14)

Class A Units (440.0 units) N/A 09/21 N/A 205 587 0.1 % (3) (7)

Class B Units (191.0 units) N/A 09/21 N/A 446 252 — % (3) (7)

4,062 4,701 4,777

CVL 3 (1.3%)* (3) (7) (8)

Capital Equipment First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28) (14)

Crash Champions Automotive First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 05/21 08/25 14,567 14,040 13,968 1.9 % (7) (8) (10)

14,567 14,040 13,968

First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28) (22)

CSL DualCom Tele-communications First Lien Senior Secured Term Loan GBP LIBOR + 5.5%, 5.5% Cash 09/20 09/27 1,341 1,203 1,301 0.2 % (3) (7) (8) (13)

1,341 1,203 1,301

6-Month Bridge Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/22) (14)

Custom Alloy Corporation Manufacturer of Pipe Fittings & Forgings Second Lien Loan 15.0% PIK 12/20 04/22 45,000 37,043 27,450 3.7 % (7) (24) (25)

Revolver 15.0% PIK 12/20 04/22 4,255 3,738 2,596 0.3 % (7) (24) (25)

49,255 40,781 30,046

CW Group Holdings, LLC (0.4%)* (7)

High Tech Industries First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27) (8) (10)

CVL 3 Capital Equipment First Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 12/21 12/28 5,913 5,724 5,766 0.8 % (3) (7) (8) (14)

First Lien Senior Secured Term Loan SOFR + 5.5%, 5.5% Cash 12/21 12/28 3,382 3,298 3,298 0.4 % (3) (7) (8) (22)

6-Month Bridge Term Loan EURIBOR + 5.5%, 5.5% Cash 12/21 06/22 796 772 788 0.1 % (3) (7) (8) (14)

10,091 9,794 9,852

LLC Units (161,290.32 units, Acquired 01/21) 161 112

CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 01/21 01/27 2,817 2,762 2,774 0.4 % (7) (8) (10)

LLC Units (161,290.32 units) N/A 01/21 N/A 161 112 — % * (7)

2,817 2,923 2,886

Dart Buyer, Inc.

(1.6%)* (3) (7) (8) (10)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 04/19, Due 04/25) 12,217 12,047 11,734

Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 04/19 04/25 12,217 12,047 11,734 1.6 % (3) (7) (8) (10)

12,217 12,047 11,734

DecksDirect, LLC (0.1%)* (7)

Building Materials First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26) (8) (9)

Revolver (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26) (8) (10)

LLC Units (1,280.8 units, Acquired 12/21) 55 55

DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 12/21 12/26 727 713 713 0.1 % * (7) (8) (9)

Revolver LIBOR + 6.0%, 7.0% Cash 12/21 12/26 — (4) (4) — % * (7) (8) (10)

LLC Units (1,280.8 units) N/A 12/21 N/A 55 55 — % * (7)

Discovery Education, Inc.

(1.6%)* (7) (8) (10)

Publishing First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26) 11,815 11,626 11,815

Publishing First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 10/20 10/26 11,815 11,626 11,815 1.6 % (7) (8) (10)

11,815 11,626 11,815

Distinct Holdings, Inc.

(0.9%)* (7) (8) (9)

Systems Software First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23) 6,880 6,841 6,715

6,880 6,841 6,715

Dragon Bidco (0.4%)* (3) (7) (8) (15)

Technology First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28) 2,729 2,812 2,676

2,729 2,812 2,676

DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)* (3) (7) (8) (15)

Diversified Financial Services First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/20, Due 03/27) 2,418 2,295 2,385

Systems Software First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 04/19 12/23 6,880 6,841 6,715 0.9 % (7) (8) (9)

6,880 6,841 6,715

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Dune Group (0.2%)* (3) (7) (8)

Health Care Equipment First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.0% Cash, Acquired 09/21, Due 09/28) (10)

Value % of Net Assets * Notes

Dragon Bidco Technology First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 04/21 04/28 $ 2,729 $ 2,812 $ 2,676 0.4 % (3) (7) (8) (15)

2,729 2,812 2,676

First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28) (14)

DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 03/20 03/27 2,418 2,295 2,385 0.3 % (3) (7) (8) (15)

2,418 2,295 2,385

Dwyer Instruments, Inc.

Dune Group Health Care Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.0% Cash 09/21 09/28 1,230 1,205 1,202 0.2 % (3) (7) (8) (10)

First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 09/21 09/28 131 105 113 — % (3) (7) (8) (14)

1,361 1,310 1,315

First Lien Senior Secured Term Loan (LIBOR + 5.50%, 6.3% Cash, Acquired 07/21, Due 07/27) 4,563 4,452 4,516

Dwyer Instruments, Inc.

First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.3% Cash 07/21 07/27 4,563 4,452 4,516 0.6 % (7) (8) (10)

4,563 4,452 4,516

Echo Global Logistics, Inc.

Air Transportation Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 11/21, Due 11/29) (8) (10)

14,469 14,210 14,216

Partnership Equity (530.92 units, Acquired 11/21) 531 531

Air Transportation Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.0% Cash 11/21 11/29 14,469 14,210 14,216 1.9 % * (7) (8) (10)

Partnership Equity (530.92 units) N/A 11/21 N/A 531 531 0.1 % * (7)

14,469 14,741 14,747

Ellkay, LLC (0.7%)* (7) (8) (10)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27) 4,988 4,892 4,898

Ellkay, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 09/21 09/27 4,988 4,892 4,898 0.7 % (7) (8) (10)

4,988 4,892 4,898

EMI Porta Holdco LLC (1.2%)* (7) (8) (10)

Diversified Manufacturing First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) 9,576 9,141 9,136

Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) — (59) (59)

EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 12/21 12/27 9,576 9,141 9,136 1.2 % (7) (8) (10)

Revolver LIBOR + 5.75%, 6.5% Cash 12/21 12/27 — (59) (59) — % (7) (8) (10)

9,576 9,082 9,077

Entact Environmental Services, Inc.

(0.8%)* (7) (8) (10)

Environmental Industries First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25) 5,705 5,657 5,631

Environmental Industries First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 02/21 12/25 5,705 5,657 5,631 0.8 % (7) (8) (10)

5,705 5,657 5,631

EPS NASS Parent, Inc.

(0.8%)* (7) (8) (10)

Electrical Components & Equipment First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28) 5,813 5,695 5,715

5,813 5,695 5,715

Eshipping, LLC (0.8%)* (7) (8)

Transportation Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27) (9)

Electrical Components & Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 04/21 04/28 5,813 5,695 5,715 0.8 % (7) (8) (10)

5,813 5,695 5,715

Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 12/27) (10)

Eshipping, LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 11/21 11/27 5,965 5,799 5,795 0.8 % (7) (8) (9)

Revolver LIBOR + 5.75%, 6.8% Cash 11/21 12/27 255 226 225 — % (7) (8) (10)

6,220 6,025 6,020

F24 (Stairway BidCo Gmbh) (0.2%)* (3) (7) (8) (14)

Software Services First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 08/20, Due 08/27) 1,621 1,649 1,621

F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 08/20 08/27 1,621 1,649 1,621 0.2 % (3) (7) (8) (14)

1,621 1,649 1,621

Ferrellgas L.P.

(0.4%)* (3) (7)

Oil & Gas Equipment & Services OpCo Preferred Units (2,886 units, Acquired 03/21) 2,799 3,146

Oil & Gas Equipment & Services OpCo Preferred Units (2,886 units) N/A 03/21 N/A 2,799 3,146 0.4 % (3) (7)

Fineline Technologies, Inc.

(0.2%)* (7) (8) (10)

Consumer Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28) 1,306 1,283 1,306

1,306 1,283 1,306

FitzMark Buyer, LLC (0.6%)* (7) (8) (10)

Cargo & Transportation First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/20, Due 12/26) 4,269 4,197 4,184

4,269 4,197 4,184

Flexential Issuer, LLC (2.1%)* Information Technology Structured Secured Note - Class C (6.9% Cash, Acquired 11/21, Due 11/51) 16,000 14,817 15,609

16,000 14,817 15,609

FragilePak LLC (0.7%)* (7)

Transportation Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27) (8) (9)

4,697 4,519 4,541

Partnership Units (937.5 units, Acquired 05/21) 938 926

Consumer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 02/21 02/28 1,306 1,283 1,306 0.2 % (7) (8) (10)

1,306 1,283 1,306

Front Line Power Construction LLC (0.5%)* Construction Machinery First Lien Senior Secured Term Loan (LIBOR + 12.5%, 13.5% Cash, Acquired 11/21, Due 11/28) (7) (8) (10)

FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash 12/20 12/26 4,269 4,197 4,184 0.6 % (7) (8) (10)

4,269 4,197 4,184

Common Stock (50,848 shares, Acquired 11/21) 130 111

Flexential Issuer, LLC Information Technology Structured Secured Note - Class C 6.9% Cash 11/21 11/51 16,000 14,817 15,609 2.1 %

16,000 14,817 15,609

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

FSS Buyer LLC (0.9%)* (7)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28) (8) (10)

$ 6,913 $ 6,773 $ 6,790

LP Interest (1,160.9 units, Acquired 08/21) 12 30

LP Units (5,104.32 units, Acquired 08/21) 51 132

6,913 6,836 6,952

GTM Intermediate Holdings, Inc.

(2.0%)* (7) (25)

Medical Equipment Manufacturer Second Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 12/24) 11,500 11,449 11,500

Series A Preferred Units (1,434,472.41 units) 2,166 2,290

Series C Preferred Units (715,649.59 units) 1,081 1,184

11,500 14,696 14,974

Gulf Finance, LLC (0.1%)* (8) (9)

Oil & Gas Exploration & Production First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 11/21, Due 08/26) 832 799 774

Hawaiian Airlines 2020-1 Class B Pass Through Certificates (1.0%)* Airlines Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25) 6,093 6,093 7,213

6,093 6,093 7,213

Heartland Veterinary Partners, LLC (1.2%)* (7)

Healthcare Subordinated Term Loan (11.0% PIK, Acquired 11/21, Due 11/28) 9,343 9,096 9,093

Value % of Net Assets * Notes

FragilePak LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 05/21 05/27 $ 4,697 $ 4,519 $ 4,541 0.6 % * (7) (8) (9)

Partnership Units (937.5 units) N/A 05/21 N/A 938 926 0.1 %

4,697 5,457 5,467

Heartland, LLC (1.9%)* (7) (8) (10)

Business Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25) 14,075 13,976 13,794

Front Line Power Construction LLC Construction Machinery First Lien Senior Secured Term Loan LIBOR + 12.5%, 13.5% Cash 11/21 11/28 4,000 3,872 3,880 0.5 % (7) (8) (10)

Common Stock (50,848 shares) N/A 11/21 N/A 130 111 — %

4,000 4,002 3,991

Heavy Construction Systems Specialists, LLC (1.0%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27) 7,368 7,199 7,221

Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27) — (54) (53)

FSS Buyer LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 08/21 08/28 6,913 6,773 6,790 0.9 % * (7) (8) (10)

LP Interest (1,160.9 units) N/A 08/21 N/A 12 30 — % * (7)

LP Units (5,104.32 units) N/A 08/21 N/A 51 132 — % * (7)

6,913 6,836 6,952

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (1.2%)* (3) (7) (8) (15)

Insurance First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 09/19, Due 09/26) 8,789 9,380 8,612

GTM Intermediate Holdings, Inc.

Medical Equipment Manufacturer Second Lien Loan 11.0% Cash, 1.0% PIK 12/20 12/24 11,500 11,449 11,500 1.5 % (7) (25)

Series A Preferred Units (1,434,472.41 units) N/A 12/20 N/A 2,166 2,290 0.3 % (7) (25)

Series C Preferred Units (715,649.59 units) N/A 12/20 N/A 1,081 1,184 0.2 % (7) (25)

11,500 14,696 14,974

Highpoint Global LLC (0.7%)* (7) (25)

Government Services Second Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22) 5,416 5,395 5,416

Gulf Finance, LLC Oil & Gas Exploration & Production First Lien Senior Secured Term Loan LIBOR + 6.75%, 7.8% Cash 11/21 08/26 832 799 774 0.1 % (8) (9)

Hawaiian Airlines 2020-1 Class B Pass Through Certificates Airlines Structured Secured Note - Class B 11.3% Cash 08/20 09/25 6,093 6,093 7,213 1.0 %

6,093 6,093 7,213

Home Care Assistance, LLC (0.5%)* (7) (8) (10)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 03/21, Due 03/27) 3,830 3,762 3,753

Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan 11.0% PIK 11/21 11/27 9,343 9,096 9,093 1.2 % * (7)

9,343 9,096 9,093

HTI Technology & Industries (3.0%)* (7) (25)

Electronic Component Manufacturing Second Lien Note (12.0% Cash, 4.8% PIK, Acquired 12/20, Due 09/24) 22,746 22,096 22,215

Heartland, LLC Business Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 08/19 08/25 14,075 13,976 13,794 1.9 % (7) (8) (10)

14,075 13,976 13,794

HW Holdco, LLC (Hanley Wood LLC) (1.8%)* (7) (8) (9)

Advertising First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/18, Due 12/24) 13,437 13,189 13,137

Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 11/21 11/27 7,368 7,199 7,221 1.0 % (7) (8) (10)

Revolver LIBOR + 5.75%, 6.5% Cash 11/21 11/27 — (54) (53) — % (7) (8) (10)

7,368 7,145 7,168

IGL Holdings III Corp.

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) Insurance First Lien Senior Secured Term Loan EURIBOR + 5.0%, 5.0% Cash 09/19 09/26 8,789 9,380 8,612 1.2 % (3) (7) (8) (15)

8,789 9,380 8,612

Commercial Printing First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26) 4,324 4,231 4,268

Highpoint Global LLC Government Services Second Lien Note 12.0% Cash, 2.0% PIK 12/20 09/22 5,416 5,395 5,416 0.7 % (7) (25)

5,416 5,395 5,416

IM Analytics Holding, LLC (d/b/a NVT) (0.9%)* (7) (8)

Electronic Instruments & Components First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23) (10)

Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 03/21 03/27 3,830 3,762 3,753 0.5 % (7) (8) (10)

3,830 3,762 3,753

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

HTI Technology & Industries Electronic Component Manufacturing Second Lien Note 12.0% Cash, 4.8% PIK 12/20 09/24 22,746 22,096 22,215 3.0 % (7) (25)

22,746 22,096 22,215

IM Square (0.9%)* (3) (7) (8) (15)

Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 04/28) 7,051 7,232 6,938

HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 12/18 12/24 13,437 13,189 13,137 1.8 % (7) (8) (9)

13,437 13,189 13,137

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Infoniqa Holdings GmbH (1.2%)* (3) (7) (8) (14)

Technology First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 11/21, Due 11/28) $ 9,243 $ 8,947 $ 8,989

Value % of Net Assets * Notes

IGL Holdings III Corp.

Commercial Printing First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 11/20 11/26 $ 4,324 $ 4,231 $ 4,268 0.6 % (7) (8) (10)

4,324 4,231 4,268

Innovad Group II BV (0.8%)* (3) (7) (8) (14)

Beverage, Food & Tobacco First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28) 6,256 6,321 5,876

IM Analytics Holding, LLC (d/b/a NVT) Electronic Instruments & Components First Lien Senior Secured Term Loan LIBOR + 7.0%, 8.0% Cash 11/19 11/23 8,126 8,085 6,603 0.9 % (7) (8) (10)

Warrants (68,950 units) N/A 11/19 N/A — — — % (7) (8)

8,126 8,085 6,603

INOS 19-090 GmbH (0.7%)* (3) (7) (8) (14)

Aerospace & Defense First Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27) 5,271 5,495 5,263

IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 05/21 04/28 7,051 7,232 6,938 0.9 % (3) (7) (8) (15)

7,051 7,232 6,938

ISS#2, LLC (d/b/a Industrial Services Solutions) (0.9%)* (7) (8) (10)

Commercial Services & Supplies First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26) 6,737 6,639 6,407

Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 11/21 11/28 9,243 8,947 8,989 1.2 % (3) (7) (8) (14)

9,243 8,947 8,989

ITI Intermodal, Inc.

Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 04/21 04/28 6,256 6,321 5,876 0.8 % (3) (7) (8) (14)

6,256 6,321 5,876

Transportation Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27) (9)

Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27) (10)

Jade Bidco Limited (Jane's)

INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 6.13%, 6.1% Cash 12/20 12/27 5,271 5,495 5,263 0.7 % (3) (7) (8) (14)

5,271 5,495 5,263

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 11/19, Due 12/26) 2,315 2,257 2,315

ISS#2, LLC (d/b/a Industrial Services Solutions) Commercial Services & Supplies First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 02/20 02/26 6,737 6,639 6,407 0.9 % (7) (8) (10)

6,737 6,639 6,407

Jaguar Merger Sub Inc.

ITI Intermodal, Inc.

Transportation Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 12/21 12/27 721 705 705 0.1 % (7) (8) (9)

Revolver LIBOR + 4.75%, 5.8% Cash 12/21 12/27 — (2) (2) — % (7) (8) (10)

Jade Bidco Limited (Jane's)

Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 4.5%, 4.5% Cash, 2.0% PIK 11/19 12/26 2,315 2,257 2,315 0.3 % (3) (7) (8) (11)

2,315 2,257 2,315

Other Financial First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 09/24) 2,543 2,487 2,486

Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 09/24) (6) (6)

Jaguar Merger Sub Inc.

Other Financial First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 12/21 09/24 2,543 2,487 2,486 0.3 % (7) (8) (10)

Revolver LIBOR + 5.25%, 6.3% Cash 12/21 09/24 — (6) (6) — % (7) (8) (10)

2,543 2,481 2,480

Jedson Engineering, Inc.

(0.4%)* (7) (25)

Engineering & Construction Management First Lien Loan (12.0% Cash, Acquired 12/20, Due 06/24) 2,650 2,650 2,650

2,650 2,650 2,650

JetBlue 2019-1 Class B Pass Through Trust (0.6%)* Airlines Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27) 4,165 4,165 4,805

Engineering & Construction Management First Lien Loan 12.0% Cash 12/20 06/24 2,650 2,650 2,650 0.4 % (7) (25)

2,650 2,650 2,650

JF Acquisition, LLC (0.5%)* (7) (8) (10)

Automotive First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24) 3,866 3,763 3,711

JetBlue 2019-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B 8.0% Cash 08/20 11/27 4,165 4,165 4,805 0.6 %

4,165 4,165 4,805

Kano Laboratories LLC (1.2%)* (7)

Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 11/26) (8) (11)

JF Acquisition, LLC Automotive First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 05/21 07/24 3,866 3,763 3,711 0.5 % (7) (8) (10)

3,866 3,763 3,711

Partnership Equity (203.2 units, Acquired 11/20) 203 205

Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 11/20 11/26 9,002 8,773 8,728 1.2 % * (7) (8) (11)

Partnership Equity (203.2 units) N/A 11/20 N/A 203 205 — % * (7)

9,002 8,976 8,933

Kene Acquisition, Inc.

(En Engineering) (1.0%)* (7) (8) (9)

Oil & Gas Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26) 7,225 7,125 7,080

7,225 7,125 7,080

Kid Distro Holdings, LLC (1.3%)* (7)

Media & Entertainment First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/21, Due 10/27) (8) (10)

9,362 9,168 9,174

Partnership Equity (637,677.11 units, Acquired 10/21) 638 638

9,362 9,806 9,812

Kona Buyer, LLC (1.2%)* (7) (8) (10)

High Tech Industries First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27) 8,994 8,785 8,994

8,994 8,785 8,994

LAF International (0.2%)* (3) (7) (8) (15)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28) 1,478 1,543 1,446

(En Engineering) Oil & Gas Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.3% Cash 08/19 08/26 7,225 7,125 7,080 1.0 % (7) (8) (9)

7,225 7,125 7,080

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Lambir Bidco Limited (0.9%)* (3) (7)

Healthcare First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/28) (8) (14)

Value % of Net Assets * Notes

Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 10/21 10/27 $ 9,362 $ 9,168 $ 9,174 1.2 % * (7) (8) (10)

Partnership Equity (637,677.11 units) N/A 10/21 N/A 638 638 0.1 %

9,362 9,806 9,812

Second Lien Senior Secured Term Loan (12.0% PIK, Acquired 12/21, Due 06/29) 1,417 1,363 1,375

Revolver (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/24) (8) (14)

Kona Buyer, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 12/20 12/27 8,994 8,785 8,994 1.2 % (7) (8) (10)

8,994 8,785 8,994

Learfield Communications, LLC (1.1%)* Broadcasting First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23) (8) (9)

First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23) (10)

LAF International Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 03/21 03/28 1,478 1,543 1,446 0.2 % (3) (7) (8) (15)

1,478 1,543 1,446

Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 12/21 12/28 5,017 4,770 4,810 0.7 % (3) (7) (8) (14)

Second Lien Senior Secured Term Loan 12.0% PIK 12/21 06/29 1,417 1,363 1,375 0.2 % (3) (7)

Revolver EURIBOR + 6.0%, 6.0% Cash 12/21 12/24 314 292 295 — % (3) (7) (8) (14)

6,748 6,425 6,480

Legal Solutions Holdings (0.8%)* (7) (24) (25)

Business Services Senior Subordinated Loan (16.0% PIK, Acquired 12/20, Due 03/22) 11,836 10,129 5,918

Learfield Communications, LLC Broadcasting First Lien Senior Secured Term Loan LIBOR + 3.25%, 4.3% Cash 08/20 12/23 135 95 128 — % (8) (9)

First Lien Senior Secured Term Loan LIBOR + 3.0%, 3.0% Cash, 10.2% PIK 08/20 12/23 7,954 7,909 7,959 1.1 % * (10)

8,089 8,004 8,087

LivTech Purchaser, Inc.

Legal Solutions Holdings Business Services Senior Subordinated Loan 16.0% PIK 12/20 03/22 11,836 10,129 5,918 0.8 % (7) (24) (25)

11,836 10,129 5,918

Business Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/21, Due 12/25) 918 908 910

LivTech Purchaser, Inc.

Business Services First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 01/21 12/25 918 908 910 0.1 % (7) (8) (10)

Marmoutier Holding B.V.

(0.3%)* (3) (7) (8) (14)

Consumer Products First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/21, Due 12/28) 1,944 1,872 1,880

Revolver (EURIBOR + 5.0%, 5.0% Cash, Acquired 12/21, Due 06/27) — (4) (4)

1,944 1,868 1,876

MC Group Ventures Corporation (0.6%)* (7)

Business Services First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27) (8) (10)

Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 12/21 12/28 1,944 1,872 1,880 0.3 % (3) (7) (8) (14)

Revolver EURIBOR + 5.0%, 5.0% Cash 12/21 06/27 — (4) (4) — % (3) (7) (8) (14)

1,944 1,868 1,876

Partnership Units (746.66 units, Acquired 06/21) 747 761

MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 07/21 06/27 3,687 3,598 3,656 0.5 % * (7) (8) (10)

Partnership Units (746.66 units) N/A 06/21 N/A 747 761 0.1 % * (7)

3,687 4,345 4,417

Media Recovery, Inc.

(SpotSee) (1.0%)* (7) (8)

Containers, Packaging & Glass First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 11/25) (10)

2,933 2,892 2,933

First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 11/25) (12)

4,442 4,303 4,442

(SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 11/19 11/25 2,933 2,892 2,933 0.4 % (7) (8) (10)

First Lien Senior Secured Term Loan GBP LIBOR + 6.0%, 7.0% Cash 12/20 11/25 4,442 4,303 4,442 0.6 % (7) (8) (12)

7,375 7,195 7,375

Medical Solutions Parent Holdings, Inc.

(0.6%)* (8) (10)

Healthcare Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.5% Cash, Acquired 11/21, Due 11/29) 4,421 4,377 4,362

Healthcare Second Lien Senior Secured Term Loan LIBOR + 7.0%, 7.5% Cash 11/21 11/29 4,421 4,377 4,362 0.6 % (8) (10)

4,421 4,377 4,362

MNS Buyer, Inc.

Construction & Building First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27) (8) (9)

Partnership Units (76.92 Units, Acquired 08/21) 77 78

Construction & Building First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 08/21 08/27 921 903 905 0.1 % * (7) (8) (9)

Partnership Units (76.92 units) N/A 08/21 N/A 77 78 — % * (7)

Modern Star Holdings Bidco Pty Limited.

(1.1%)* (3) (7) (8) (19)

Non-durable Consumer Goods First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26) 8,368 8,281 8,299

8,368 8,281 8,299

MSG National Properties (0.3%)* (3) (7) (8) (10)

Hotel, Gaming, & Leisure First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25) 2,437 2,378 2,486

2,437 2,378 2,486

Murphy Midco Limited (0.7%)* (3) (7) (8) (13)

Media, Diversified & Production First Lien Senior Secured Term Loan (GBP LIBOR + 4.75%, 4.8% Cash, Acquired 11/20, Due 11/27) 5,252 4,951 5,104

5,252 4,951 5,104

Music Reports, Inc.

Non-durable Consumer Goods First Lien Senior Secured Term Loan BBSY + 6.25%, 6.8% Cash 12/20 12/26 8,368 8,281 8,299 1.1 % (3) (7) (8) (19)

8,368 8,281 8,299

Media & Entertainment First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 08/20, Due 08/26) 7,462 7,288 7,313

MSG National Properties Hotel, Gaming, & Leisure First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.0% Cash 11/20 11/25 2,437 2,378 2,486 0.3 % (3) (7) (8) (10)

2,437 2,378 2,486

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Narda Acquisitionco., Inc.

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27) (8) (10)

Value % of Net Assets * Notes

Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan GBP LIBOR + 4.75%, 4.8% Cash 11/20 11/27 $ 5,252 $ 4,951 $ 5,104 0.7 % (3) (7) (8) (13)

5,252 4,951 5,104

Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27) (8) (10)

Class A Preferred Stock (4,587.38 shares, Acquired 12/21) 459 459

Class B Common Stock (509.71 shares, Acquired 12/21) 51 51

Music Reports, Inc.

Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 08/20 08/26 7,462 7,288 7,313 1.0 % (7) (8) (10)

7,462 7,288 7,313

Navia Benefit Solutions, Inc.

Narda Acquisitionco., Inc.

Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 12/21 12/27 5,680 5,581 5,580 0.7 % * (7) (8) (10)

Revolver LIBOR + 5.25%, 6.3% Cash 12/21 12/27 (23) (23) — % * (7) (8) (10)

Class A Preferred Stock (4,587.38 shares) N/A 12/21 N/A 459 459 0.1 % * (7)

Class B Common Stock (509.71 shares) N/A 12/21 N/A 51 51 — % * (7)

5,680 6,068 6,067

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27) 2,727 2,668 2,703

Navia Benefit Solutions, Inc.

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 02/21 02/27 2,727 2,668 2,703 0.4 % (7) (8) (10)

2,727 2,668 2,703

Nexus Underwriting Management Limited (0.2%)* (3) (7) (8) (17)

Other Financial First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 12/21, Due 10/28) 1,691 1,620 1,630

First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 12/21, Due 04/22) 103 102 101

Nexus Underwriting Management Limited Other Financial First Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash 12/21 10/28 1,691 1,620 1,630 0.2 % (3) (7) (8) (17)

First Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash 12/21 04/22 103 102 101 — % (3) (7) (8) (17)

1,794 1,722 1,731

NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (0.6%)* (7) (8) (9)

Energy Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25) 4,753 4,734 4,677

NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) Energy Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.3% Cash 10/18 10/25 4,753 4,734 4,677 0.6 % (7) (8) (9)

4,753 4,734 4,677

Northstar Recycling, LLC (0.3%)* (7) (8) (10)

Environmental Industries First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/21, Due 09/27) 2,500 2,452 2,450

Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 10/21 09/27 2,500 2,452 2,450 0.3 % (7) (8) (10)

2,500 2,452 2,450

OA Buyer, Inc.

Healthcare First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28) (8) (10)

8,501 8,331 8,331

Revolver (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28) (8) (10)

Partnership Units (210,920.11 units, Acquired 12/21) 211 211

8,501 8,515 8,515

Odeon Cinemas Group Limited (0.5%)* (3) (7)

Hotel, Gaming, & Leisure First Lien Senior Secured Term Loan (10.8% Cash, Acquired 02/21, Due 08/23) 3,954 4,055 4,033

Healthcare First Lien Senior Secured Term Loan LIBOR + 6.0%, 6.8% Cash 12/21 12/28 8,501 8,331 8,331 1.1 % * (7) (8) (10)

Revolver LIBOR + 6.0%, 6.8% Cash 12/21 12/28 — (27) (27) — % * (7) (8) (10)

Partnership Units (210,920.11 units) N/A 12/21 N/A 211 211 — % * (7)

8,501 8,515 8,515

Odeon Cinemas Group Limited Hotel, Gaming, & Leisure First Lien Senior Secured Term Loan 10.8% Cash 02/21 08/23 3,954 4,055 4,033 0.5 % (3) (7)

3,954 4,055 4,033

Containers & Glass Products First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28) 2,916 2,997 2,843

Containers & Glass Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 06/21 06/28 2,916 2,997 2,843 0.4 % (3) (7) (8) (14)

2,916 2,997 2,843

Omni Intermediate Holdings, LLC (1.5%)* (7) (8) (9)

Transportation First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) 11,831 11,461 11,491

Omni Intermediate Holdings, LLC Transportation First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 12/20 12/26 11,831 11,461 11,491 1.5 % (7) (8) (9)

11,831 11,461 11,491

Options Technology Ltd.

(0.3%)* (3) (7) (8) (10)

Computer Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25) 2,313 2,282 2,267

2,313 2,282 2,267

Oracle Vision Bidco Limited (0.4%)* (3) (7) (8) (17)

Healthcare First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28) 3,100 3,141 3,028

3,100 3,141 3,028

Origin Bidco Limited (0.1%)* (3) (7) (8)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28) (10)

First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28) (14)

OSP Hamilton Purchaser, LLC (0.3%)* (7) (8)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/21, Due 12/27) (9)

2,281 2,235 2,235

Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 12/21, Due 12/27) (10)

Computer Services First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash 12/19 12/25 2,313 2,282 2,267 0.3 % (3) (7) (8) (10)

2,313 2,282 2,267

Pacific Health Supplies Bidco Pty Limited (1.1%)* (3) (7) (8) (20)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25) 8,779 8,730 8,529

Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash 06/21 05/28 3,100 3,141 3,028 0.4 % (3) (7) (8) (17)

3,100 3,141 3,028

Origin Bidco Limited Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 06/21 06/28 597 582 584 0.1 % (3) (7) (8) (10)

First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 06/21 06/28 377 394 369 — % (3) (7) (8) (14)

Barings BDC, Inc.

2 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Pare SAS (SAS Maurice MARLE) (0.6%)* (3) (7) (14)

Health Care Equipment First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 12/19, Due 12/26) $ 4,638 $ 4,478 $ 4,638

4,638 4,478 4,638

Patriot New Midco 1 Limited (Forensic Risk Alliance) (0.9%)* (3) (7) (8)

Diversified Financial Services First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 02/20, Due 02/27) (10)

3,764 3,685 3,591

First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 02/20, Due 02/27) (14)

3,216 3,017 3,068

Value % of Net Assets * Notes

OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 12/21 12/27 $ 2,281 $ 2,235 $ 2,235 0.3 % (7) (8) (9)

Revolver LIBOR + 5.75%, 6.8% Cash 12/21 12/27 — (4) (4) — % (7) (8) (10)

2,281 2,231 2,231

PDQ.Com Corporation (1.2%)* (7)

Business Equipment & Services First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27) (8) (10)

Pacific Health Supplies Bidco Pty Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan BBSY + 6.0%, 6.5% Cash 12/20 12/25 8,779 8,730 8,529 1.1 % (3) (7) (8) (20)

8,779 8,730 8,529

Class A-2 Partnership Units (26.32 units, Acquired 08/21) 29 29

Pare SAS (SAS Maurice MARLE) Health Care Equipment First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 12/19 12/26 4,638 4,478 4,638 0.6 % (3) (7) (14)

4,638 4,478 4,638

Permaconn Bidco Ltd (2.0%)* (3) (7) (8) (19)

Tele-communications First Lien Senior Secured Term Loan (BBSY + 6.5%, 6.5% Cash, Acquired 12/21, Due 12/27) 15,012 14,386 14,599

Patriot New Midco 1 Limited (Forensic Risk Alliance) Diversified Financial Services First Lien Senior Secured Term Loan LIBOR + 6.75%, 7.8% Cash 02/20 02/27 3,764 3,685 3,591 0.5 % (3) (7) (8) (10)

First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 02/20 02/27 3,216 3,017 3,068 0.4 % (3) (7) (8) (14)

6,980 6,702 6,659

Polara Enterprises, LLC (0.6%)* (7)

Capital Equipment First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27) (8) (10)

PDQ.Com Corporation Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 08/21 08/27 9,062 8,710 8,707 1.2 % * (7) (8) (10)

Class A-2 Partnership Units (26.32 units) N/A 08/21 N/A 29 29 — % * (7)

9,062 8,739 8,736

Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27) (8) (10)

Partnership Units (3,820.44 units, Acquired 12/21) 382 382

Permaconn Bidco Ltd Tele-communications First Lien Senior Secured Term Loan BBSY + 6.5%, 6.5% Cash 12/21 12/27 15,012 14,386 14,599 2.0 % (3) (7) (8) (19)

15,012 14,386 14,599

Policy Services Company, LLC (5.9%)* (7)

Property & Casualty Insurance First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, 4.0% PIK, Acquired 12/21, Due 06/26) (8) (10)

Polara Enterprises, LLC Capital Equipment First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 12/21 12/27 4,243 4,159 4,158 0.6 % * (7) (8) (10)

Revolver LIBOR + 4.75%, 5.8% Cash 12/21 12/27 — (11) (11) — % * (7) (8) (10)

Partnership Units (3,820.44 units) N/A 12/21 N/A 382 382 — % * (7)

4,243 4,530 4,529

Warrants - Class A (28,260 units, Acquired 12/21) — —

Warrants - Class B (9,537 units, Acquired 12/21) — —

Warrants - Class CC (980 units, Acquired 12/21) — —

Warrants - Class D (2,520 units, Acquired 12/21) — —

Policy Services Company, LLC Property & Casualty Insurance First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash, 4.0% PIK 12/21 06/26 45,831 44,018 44,008 5.9 % * (7) (8) (10)

Warrants - Class A (28,260 units) N/A 12/21 N/A — — — % * (7)

Warrants - Class B (9,537 units) N/A 12/21 N/A — — — % * (7)

Warrants - Class CC (980 units) N/A 12/21 N/A — — — % * (7)

Warrants - Class D (2,520 units) N/A 12/21 N/A — — — % * (7)

45,831 44,018 44,008

Premium Franchise Brands, LLC (2.0%)* (7) (8) (10)

Research & Consulting Services First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26) 14,853 14,597 14,556

Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 12/20 12/26 14,853 14,597 14,556 2.0 % (7) (8) (10)

14,853 14,597 14,556

Premium Invest (0.5%)* (3) (7) (8) (14)

Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28) 4,094 4,113 4,010

Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 06/21 06/28 4,094 4,113 4,010 0.5 % (3) (7) (8) (14)

4,094 4,113 4,010

Preqin MC Limited (0.4%)* (3) (7) (8) (23)

Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28) 2,789 2,695 2,764

Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SOFR + 5.5%, 5.5% Cash 08/21 07/28 2,789 2,695 2,764 0.4 % (3) (7) (8) (23)

2,789 2,695 2,764

Process Equipment, Inc.

(ProcessBarron) (0.8%)* (7) (8) (10)

Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25) 6,174 6,115 5,945

(ProcessBarron) Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 03/19 03/25 6,174 6,115 5,945 0.8 % (7) (8) (10)

6,174 6,115 5,945

Professional Datasolutions, Inc.

(PDI) (0.2%)* (7) (8) (10)

Application Software First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24) 1,836 1,833 1,809

1,836 1,833 1,809

Protego Bidco B.V.

(0.5%)* (3) (7) (8) (14)

Aerospace & Defense First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27) 2,227 2,269 2,195

First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28) 1,548 1,561 1,495

3,775 3,830 3,690

QPE7 SPV1 BidCo Pty Ltd (0.2%)* (3) (7) (8) (20)

Consumer Cyclical First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26) 1,632 1,564 1,605

1,632 1,564 1,605

Questel Unite (0.9%)* (3) (7) (8) (10)

Business Services First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27) 6,892 6,802 6,851

(PDI) Application Software First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash 03/19 10/24 1,836 1,833 1,809 0.2 % (7) (8) (10)

1,836 1,833 1,809

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Recovery Point Systems, Inc.

Technology First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 08/26) (8) (10)

Value % of Net Assets * Notes

Protego Bidco B.V.

Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 03/21 03/27 $ 2,227 $ 2,269 $ 2,195 0.3 % (3) (7) (8) (14)

First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 03/21 03/28 1,548 1,561 1,495 0.2 % (3) (7) (8) (14)

3,775 3,830 3,690

Partnership Equity (187,235 units, Acquired 03/21) 187 150

QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan BBSY + 5.5%, 6.0% Cash 09/21 09/26 1,632 1,564 1,605 0.2 % (3) (7) (8) (20)

1,632 1,564 1,605

Renovation Parent Holdings, LLC

Home Furnishings First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 11/21, Due 11/27) (8) (11)

Questel Unite Business Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 6.8% Cash 12/20 12/27 6,892 6,802 6,851 0.9 % (3) (7) (8) (10)

6,892 6,802 6,851

Partnership Equity (197,368.42 units, Acquired 11/21) 197 203

Recovery Point Systems, Inc.

Technology First Lien Senior Secured Term Loan LIBOR + 6.5%, 7.5% Cash 08/20 08/26 11,648 11,460 11,648 1.6 % * (7) (8) (10)

Partnership Equity (187,235 units) N/A 03/21 N/A 187 150 — % * (7)

11,648 11,647 11,798

REP SEKO MERGER SUB LLC

Renovation Parent Holdings, LLC

Home Furnishings First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 11/21 11/27 4,854 4,735 4,733 0.7 % * (7) (8) (11)

Partnership Equity (197,368.42 units) N/A 11/21 N/A 197 203 — % * (7)

4,854 4,932 4,936

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) 7,614 7,416 7,478

REP SEKO MERGER SUB LLC

Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 12/20 12/26 7,614 7,416 7,478 1.0 % (7) (8) (10)

7,614 7,416 7,478

Resonetics, LLC (0.5%)* (7) (8) (10)

Health Care Equipment Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.8% Cash, Acquired 04/21, Due 04/29) 4,011 3,934 3,930

Resonetics, LLC Health Care Equipment Second Lien Senior Secured Term Loan LIBOR + 7.0%, 7.8% Cash 04/21 04/29 4,011 3,934 3,930 0.5 % (7) (8) (10)

4,011 3,934 3,930

Reward Gateway (UK) Ltd (0.4%)* (3) (7) (8) (17)

Precious Metals & Minerals First Lien Senior Secured Term Loan (SONIA + 6.75%, 6.8% Cash, Acquired 08/21, Due 06/28) 2,869 2,807 2,776

Reward Gateway (UK) Ltd Precious Metals & Minerals First Lien Senior Secured Term Loan SONIA + 6.75%, 6.8% Cash 08/21 06/28 2,869 2,807 2,776 0.4 % (3) (7) (8) (17)

2,869 2,807 2,776

Riedel Beheer B.V.

(0.3%)* (3) (7) (8) (14)

Food & Beverage First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28) 1,899 1,835 1,843

Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/28) — (5) (5)

Super Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28) 230 222 223

2,129 2,052 2,061

RPX Corporation (1.0%)* (7) (8) (10)

Research & Consulting Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25) 7,612 7,426 7,455

7,612 7,426 7,455

Ruffalo Noel Levitz, LLC

Food & Beverage First Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 12/21 12/28 1,899 1,835 1,843 0.3 % (3) (7) (8) (14)

Revolver EURIBOR + 5.5%, 5.5% Cash 12/21 06/28 — (5) (5) — % (3) (7) (8) (14)

Super Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 12/21 12/28 230 222 223 — % (3) (7) (8) (14)

2,129 2,052 2,061

Media Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/19, Due 05/24) 9,543 9,524 9,543

RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 10/20 10/25 7,612 7,426 7,455 1.0 % (7) (8) (10)

7,612 7,426 7,455

Safety Products Holdings, LLC (1.6%)* (7)

Non-durable Consumer Goods First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26) (8) (9)

Ruffalo Noel Levitz, LLC Media Services First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 01/19 05/24 9,543 9,524 9,543 1.3 % (7) (8) (10)

9,543 9,524 9,543

Preferred Stock (372.1 shares, Acquired 12/20) 372 510

Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 12/20 12/26 12,026 11,798 11,755 1.5 % * (7) (8) (9)

Preferred Stock (372.1 shares) N/A 12/20 N/A 372 510 0.1 % * (7)

12,026 12,170 12,265

Scaled Agile, Inc.

(0.2%)* (7) (8) (10)

Research & Consulting Services First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28) 1,748 1,705 1,705

Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28) — (7) (7)

1,748 1,698 1,698

Serta Simmons Bedding LLC

Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 12/21 12/28 1,748 1,705 1,705 0.2 % (7) (8) (10)

Revolver LIBOR + 5.5%, 6.3% Cash 12/21 12/28 — (7) (7) — % (7) (8) (10)

1,748 1,698 1,698

Home Furnishings Super Priority First Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) 7,350 7,229 7,409

Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) 3,607 3,374 3,365

Serta Simmons Bedding LLC Home Furnishings Super Priority First Out LIBOR + 7.5%, 8.5% Cash 06/20 08/23 7,350 7,229 7,409 1.0 % (8) (9)

Super Priority Second Out LIBOR + 7.5%, 8.5% Cash 06/20 08/23 3,607 3,374 3,365 0.4 % (8) (9)

10,957 10,603 10,774

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

SISU ACQUISITIONCO., INC.

(0.9%)* (7) (8) (10)

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26) 7,009 6,869 6,771

Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 12/20 12/26 $ 7,009 $ 6,869 $ 6,771 0.9 % (7) (8) (10)

7,009 6,869 6,771

Smartling, Inc.

(2.2%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27) 16,471 16,102 16,094

Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27) — (23) (24)

Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 11/21 11/27 16,471 16,102 16,094 2.2 % (7) (8) (10)

Revolver LIBOR + 5.75%, 6.8% Cash 11/21 11/27 — (23) (24) — % (7) (8) (10)

16,471 16,079 16,070

Smile Brands Group Inc.

(0.6%)* (7) (8) (10)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/18, Due 10/25) 4,593 4,571 4,553

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 12/20, Due 10/25) — (12) (6)

Health Care Services First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.3% Cash 10/18 10/25 4,593 4,571 4,553 0.6 % (7) (8) (10)

First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.3% Cash 12/20 10/25 — (12) (6) — % (7) (8) (10)

4,593 4,559 4,547

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Amount Cost Fair

SN BUYER, LLC (2.5%)* (7) (8) (9)

Health Care Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/20, Due 12/26) $ 18,394 $ 18,080 $ 18,394

SN BUYER, LLC Health Care Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 12/20 12/26 18,394 18,080 18,394 2.5 % (7) (8) (9)

18,394 18,080 18,394

Springbrook Software (SBRK Intermediate, Inc.) (1.4%)* (7) (8) (10)

Enterprise Software & Services First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/19, Due 12/26) 10,346 10,179 10,346

Springbrook Software (SBRK Intermediate, Inc.) Enterprise Software & Services First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 12/19 12/26 10,346 10,179 10,346 1.4 % (7) (8) (10)

10,346 10,179 10,346

SPT Acquico Limited (0.1%)* (3) (7) (8) (10)

High Tech Industries First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/27) 658 644 658

SSCP Pegasus Midco Limited (0.4%)* (3) (7) (8) (12)

Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27) 2,754 2,488 2,722

SPT Acquico Limited High Tech Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 01/21 12/27 658 644 658 0.1 % (3) (7) (8) (10)

SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan GBP LIBOR + 6.75%, 6.8% Cash 12/20 11/27 2,754 2,488 2,722 0.4 % (3) (7) (8) (12)

2,754 2,488 2,722

Starnmeer B.V.

(1.0%)* (3) (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 6.4%, 6.9% Cash, Acquired 10/21, Due 04/27) 7,500 7,391 7,388

Technology First Lien Senior Secured Term Loan LIBOR + 6.4%, 6.9% Cash 10/21 04/27 7,500 7,391 7,388 1.0 % (3) (7) (8) (10)

7,500 7,391 7,388

Superjet Buyer, LLC (3.0%)* (7) (8) (10)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) 23,175 22,711 22,711

Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) — (37) (37)

Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 12/21 12/27 23,175 22,711 22,711 3.0 % (7) (8) (10)

Revolver LIBOR + 5.75%, 6.5% Cash 12/21 12/27 — (37) (37) — % (7) (8) (10)

23,175 22,674 22,674

Syniverse Holdings, Inc.

(2.3%)* (8) (10)

Technology Distributors First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/18, Due 03/23) 17,314 16,493 17,192

Technology Distributors First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 08/18 03/23 17,314 16,493 17,192 2.3 % (8) (10)

17,314 16,493 17,192

Syntax Systems Ltd (0.3%)* (3) (7) (8) (9)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/28) 2,056 2,018 2,016

Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/26) 442 432 432

Syntax Systems Ltd Technology First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 11/21 10/28 2,056 2,018 2,016 0.3 % (3) (7) (8) (9)

Revolver LIBOR + 5.5%, 6.3% Cash 11/21 10/26 442 432 432 — % (3) (7) (8) (9)

2,498 2,450 2,448

TA SL Cayman Aggregator Corp.

Technology Subordinated Term Loan (8.8% PIK, Acquired 07/21, Due 07/28) 1,995 1,957 1,960

Common Stock (1,227.79 shares, Acquired 07/21) 50 65

1,995 2,007 2,025

(1.1%)* (3) (7) (8) (14)

Technology First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28) 8,726 8,428 8,441

Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 05/28) 108 97 97

8,834 8,525 8,538

Tencarva Machinery Company, LLC (0.7%)* (7) (8) (10)

Capital Equipment First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27) 5,486 5,375 5,374

Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27) — (20) (20)

5,486 5,355 5,354

The Caprock Group, Inc.

(aka TA/TCG Holdings, LLC) (0.5%)* (7)

Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27) (8) (10)

Revolver (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27) (8) (10)

Subordinated Term Loan (7.8% PIK, Acquired 10/21, Due 10/28) 3,333 3,268 3,267

4,180 4,030 4,029

The Hilb Group, LLC

(2.7%)* (7) (8) (10)

Insurance Brokerage First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26) 20,279 19,880 19,874

First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/19, Due 12/26) 55 (1) (2)

Technology Subordinated Term Loan 8.8% PIK 07/21 07/28 1,995 1,957 1,960 0.3 % (7)

Common Stock (1,227.79 shares) N/A 07/21 N/A 50 65 — % (7)

1,995 2,007 2,025

Total Safety U.S.

Technology First Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 11/21 11/28 8,726 8,428 8,441 1.1 % (3) (7) (8) (14)

Revolver EURIBOR + 5.5%, 5.5% Cash 11/21 05/28 108 97 97 — % (3) (7) (8) (14)

8,834 8,525 8,538

Diversified Support Services First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 08/25) 6,583 6,393 6,482

Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 12/21 12/27 5,486 5,375 5,374 0.7 % (7) (8) (10)

Revolver LIBOR + 5.5%, 6.5% Cash 12/21 12/27 — (20) (20) — % (7) (8) (10)

5,486 5,355 5,354

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Transit Technologies LLC

Value % of Net Assets * Notes

The Caprock Group, Inc.

(aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.3% Cash 10/21 12/27 $ 847 $ 776 $ 776 0.1 % (7) (8) (10)

Revolver LIBOR + 4.25%, 5.3% Cash 10/21 12/27 — (14) (14) — % (7) (8) (10)

Subordinated Term Loan 7.8% PIK 10/21 10/28 3,333 3,268 3,267 0.4 % * (7)

4,180 4,030 4,029

Software First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/20, Due 02/25) $ 6,035 $ 5,946 $ 5,846

The Hilb Group, LLC

Insurance Brokerage First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 12/19 12/26 20,279 19,880 19,874 2.7 % (7) (8) (10)

First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 12/19 12/26 55 (1) (2) — % (7) (8) (10)

20,334 19,879 19,872

Transportation Insight, LLC (1.5%)* (7) (8) (9)

Air Freight & Logistics First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.6% Cash, Acquired 08/18, Due 12/24) 11,330 11,260 11,160

Total Safety U.S.

Diversified Support Services First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 11/19 08/25 6,583 6,393 6,482 0.9 % (8) (11)

6,583 6,393 6,482

Trident Maritime Systems, Inc.

Transit Technologies LLC

Software First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 02/20 02/25 6,035 5,946 5,846 0.8 % (7) (8) (10)

6,035 5,946 5,846

Aerospace & Defense First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/21, Due 02/27) 14,888 14,665 14,888

Transportation Insight, LLC Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 4.5%, 4.6% Cash 08/18 12/24 11,330 11,260 11,160 1.5 % (7) (8) (9)

11,330 11,260 11,160

Truck-Lite Co., LLC (2.0%)* (7) (8) (10)

Automotive Parts & Equipment First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26) 15,002 14,623 14,611

Trident Maritime Systems, Inc.

Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 02/21 02/27 14,888 14,665 14,888 2.0 % (7) (8) (10)

14,888 14,665 14,888

Trystar, LLC (1.6%)* (7)

Power Distribution Solutions First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/18, Due 09/23) (8) (10)

Truck-Lite Co., LLC Automotive Parts & Equipment First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 12/19 12/26 15,002 14,623 14,611 2.0 % (7) (8) (10)

15,002 14,623 14,611

Class A LLC Units (440.97 units, Acquired 09/18) 481 412

Trystar, LLC Power Distribution Solutions First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 09/18 09/23 11,988 11,777 11,778 1.6 % (7) (8) (10)

Class A LLC Units (440.97 units) N/A 09/18 N/A 481 412 — % * (7)

11,988 12,258 12,190

Turbo Buyer, Inc.

(1.1%)* (7) (8) (10)

Finance Companies First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/21, Due 12/25) 8,430 8,226 8,220

Finance Companies First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 11/21 12/25 8,430 8,226 8,220 1.1 % (7) (8) (10)

8,430 8,226 8,220

Turf Products, LLC (1.2%)* (7) (25)

Landscaping & Irrigation Equipment Distributor Senior Subordinated Debt (10.0% Cash, Acquired 12/20, Due 10/23) 8,697 8,384 8,627

Turf Products, LLC Landscaping & Irrigation Equipment Distributor Senior Subordinated Debt 10.0% Cash 12/20 10/23 8,697 8,384 8,627 1.2 % (7) (25)

8,697 8,384 8,627

Turnberry Solutions, Inc.

(0.6%)* (7) (8) (10)

Consumer Cyclical First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/21, Due 09/26) 4,500 4,406 4,423

Consumer Cyclical First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 07/21 09/26 4,500 4,406 4,423 0.6 % (7) (8) (10)

4,500 4,406 4,423

Gas & Electric, Inc.

(0.2%)* (7) (25)

Energy Services Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25) 2,285 1,785 1,785

Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25) (26)

Energy Services Second Lien Loan 9.5% Cash 12/20 07/25 2,285 1,785 1,785 0.2 % (7) (25)

Second Lien Loan 9.5% Cash 12/20 07/25 2,485 — — — % (7) (25) (26)

4,770 1,785 1,785

Silica Company (0.2%)* (3) (8) (9)

Metal & Glass Containers First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 08/18, Due 05/25) 1,472 1,474 1,437

Silica Company Metal & Glass Containers First Lien Senior Secured Term Loan LIBOR + 4.0%, 5.0% Cash 08/18 05/25 1,472 1,474 1,437 0.2 % (3) (8) (9)

1,472 1,474 1,437

UKFast Leaders Limited (1.6%)* (3) (7) (8) (16)

Technology First Lien Senior Secured Term Loan (SONIA + 7.0%, 7.1% Cash, Acquired 09/20, Due 9/27) 12,312 11,399 12,090

UKFast Leaders Limited Technology First Lien Senior Secured Term Loan SONIA + 7.0%, 7.1% Cash 09/20 09/27 12,312 11,399 12,090 1.6 % (3) (7) (8) (16)

12,312 11,399 12,090

USLS Acquisition, Inc.

(f/k/a US Legal Support, Inc.) (2.2%)* (7) (8) (10)

Legal Services First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/18, Due 11/24) 16,222 16,065 16,222

16,222 16,065 16,222

Utac Ceram (0.7%)* (3) (7) (8)

Business Services First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/20, Due 09/27) (14)

1,706 1,706 1,673

First Lien Senior Secured Term Loan (LIBOR + 5.25%, 5.5% Cash, Acquired 02/21, Due 09/27) (10)

3,518 3,456 3,451

5,224 5,162 5,124

Validity, Inc.

(0.6%)* (7) (8) (9)

IT Consulting & Other Services First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 07/19, Due 05/25) 4,783 4,687 4,764

4,783 4,687 4,764

VistaJet Pass Through Trust 2021-1B (0.7%)* Airlines Structured Secured Note - Class B (6.3% Cash, Acquired 11/21, Due 02/29) 5,000 5,000 4,905

5,000 5,000 4,905

Vital Buyer, LLC (1.1%)* (7)

Technology First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 06/28) (8) (10)

7,802 7,656 7,676

Partnership Units (16,442.9 units, Acquired 06/21) 164 171

(f/k/a US Legal Support, Inc.) Legal Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 11/18 11/24 16,222 16,065 16,222 2.2 % (7) (8) (10)

16,222 16,065 16,222

3 unchanged sentences

(Amounts in thousands, except share amounts)

Portfolio Company (6)

Industry Type of Investment (1) (2)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

W2O Holdings, Inc.

Value % of Net Assets * Notes

Utac Ceram Business Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 09/20 09/27 $ 1,706 $ 1,706 $ 1,673 0.2 % (3) (7) (8) (14)

First Lien Senior Secured Term Loan LIBOR + 5.25%, 5.5% Cash 02/21 09/27 3,518 3,456 3,451 0.5 % (3) (7) (8) (10)

5,224 5,162 5,124

Healthcare Technology First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 06/25) $ 2,152 $ 2,090 $ 2,152

Validity, Inc.

IT Consulting & Other Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 4.8% Cash 07/19 05/25 4,783 4,687 4,764 0.6 % (7) (8) (9)

4,783 4,687 4,764

Woodland Foods, LLC (1.8%)* (7)

Food & Beverage First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27) (8) (10)

VistaJet Pass Through Trust 2021-1B Airlines Structured Secured Note - Class B 6.3% Cash 11/21 02/29 5,000 5,000 4,905 0.7 %

5,000 5,000 4,905

Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27) (8) (10)

Common Stock (1,663,307.18 shares, Acquired 12/21) 1,663 1,663

Vital Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 06/21 06/28 7,802 7,656 7,676 1.1 % * (7) (8) (10)

Partnership Units (16,442.9 units) N/A 06/21 N/A 164 171 — % * (7)

7,802 7,820 7,847

World 50, Inc.

W2O Holdings, Inc.

Healthcare Technology First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 10/20 06/25 2,152 2,090 2,152 0.3 % (7) (8) (10)

2,152 2,090 2,152

Professional Services First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26) 3,280 3,202 3,280

First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 09/20, Due 01/26) 9,009 8,849 8,874

Woodland Foods, LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 12/21 12/27 11,512 11,285 11,282 1.5 % * (7) (8) (10)

Revolver LIBOR + 5.5%, 6.5% Cash 12/21 12/27 172 128 127 0.1 % * (7) (8) (10)

Common Stock (1,663,307.18 shares) N/A 12/21 N/A 1,663 1,663 0.2 % * (7)

11,684 13,076 13,072

World 50, Inc.

Professional Services First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 01/20 01/26 3,280 3,202 3,280 0.4 % (7) (8) (9)

First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash 09/20 01/26 9,009 8,849 8,874 1.2 % (7) (8) (9)

12,289 12,051 12,154

Subtotal Non–Control / Non–Affiliate Investments (200.9%) 1,518,708 1,494,028 1,490,115

Affiliate Investments:

Eclipse Business Capital, LLC (13.4%)* (7)

Banking, Finance, Insurance, & Real Estate

Second Lien Senior Secured Term Loan (7.5% Cash, Acquired 07/21, Due 07/28) 4,545 4,502 4,738

Revolver (LIBOR + 7.25%, Acquired 07/21, Due 07/28) (10)

1,818 1,691 1,818

LLC Units (89,447,396 units, Acquired 07/21) 89,850 92,668

Eclipse Business Capital, LLC Banking, Finance, Insurance, & Real Estate

Second Lien Senior Secured Term Loan 7.5% Cash 07/21 07/28 4,545 4,502 4,738 0.6 % * (7)

Revolver LIBOR + 7.25% 07/21 07/28 1,818 1,691 1,818 12.5 % * (7) (10)

LLC Units (89,447,396 units) N/A 07/21 N/A 89,850 92,668 0.3 % * (7)

6,363 96,043 99,224

Jocassee Partners LLC (5.1%)* (3)

Investment Funds & Vehicles 9.1% Member Interest, Acquired 06/19 30,158 37,601

Jocassee Partners LLC Investment Funds & Vehicles 9.1% Member Interest N/A 06/19 N/A 30,158 37,601 5.1 % * (3)

30,158 37,601

JSC Tekers Holdings (0.8%)* (3) (7) (25)

Real Estate Management Preferred Stock (9,159,085 shares, Acquired 12/20) 4,753 6,197

Common Stock (3,201 shares, Acquired 12/20) — —

JSC Tekers Holdings Real Estate Management Preferred Stock (9,159,085 shares) N/A 12/20 N/A 4,753 6,197 0.8 % (3) (7) (25)

Common Stock (3,201 shares) N/A 12/20 N/A — — — % (3) (7) (25)

Security Holdings B.V.

(6.3%)* (3) (7) (25)

Electrical Engineering Bridge Loan (5.0% PIK, Acquired 12/20, Due 02/27) 5,451 5,451 5,451

Senior Subordinated Loan (3.1% PIK, Acquired 12/20, Due 05/22) 9,525 9,525 9,525

Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK, Acquired 04/21, Due 04/25) 7,307 7,639 7,307

Common Stock (900 shares, Acquired 12/20) 21,264 24,825

Electrical Engineering Bridge Loan 5.0% PIK 12/20 02/27 5,451 5,451 5,451 0.7 % (3) (7) (25)

Senior Subordinated Loan 3.1% PIK 12/20 05/22 9,525 9,525 9,525 1.3 % (3) (7) (25)

Senior Unsecured Term Loan 6.0% Cash, 9.0% PIK 04/21 04/25 7,307 7,639 7,307 1.0 % (3) (7) (25)

Common Stock (900 shares) N/A 12/20 N/A 21,264 24,825 3.3 % (3) (7) (25)

22,283 43,879 47,108

Thompson Rivers LLC (11.3%)* (3)

Investment Funds & Vehicles 15.90% Member Interest, Acquired 06/20 79,414 84,438

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type (1)(2)

Interest Acq.

Date Maturity Date Principal

Amount Cost Fair

Value % of Net Assets * Notes

Thompson Rivers LLC Investment Funds & Vehicles 15.90% Member Interest N/A 06/20 N/A $ 79,414 $ 84,438 11.3 % * (3)

79,414 84,438

Waccamaw River LLC (1.8%)* (3)

Investment Funds & Vehicles 20% Member Interest, Acquired 02/21 13,720 13,501

Waccamaw River LLC Investment Funds & Vehicles 20% Member Interest N/A 02/21 N/A 13,720 13,501 1.8 % * (3)

13,720 13,501

1 unchanged sentence

Control Investments:

MVC Automotive Group Gmbh (2.0%)* (3) (7) (25)

Automotive Bridge Loan (6.0% Cash, Acquired 12/20, Due 06/26) 7,149 7,149 7,149

Common Equity Interest (18,000 shares, Acquired 12/20) 9,553 7,699

MVC Automotive Group Gmbh Automotive Bridge Loan 6.0% Cash 12/20 06/26 7,149 7,149 7,149 1.0 % (3) (7) (25)

Common Equity Interest (18,000 shares) N/A 12/20 N/A 9,553 7,699 1.0 % (3) (7) (25)

7,149 16,702 14,848

MVC Private Equity Fund LP (1.0%)* (3) (25)

Investment Funds & Vehicles General Partnership Interest 225 188

Limited Partnership Interest 8,899 7,376

MVC Private Equity Fund LP Investment Funds & Vehicles General Partnership Interest N/A 12/20 N/A 225 188 — % (3) (25)

Limited Partnership Interest N/A 12/20 N/A 8,899 7,376 1.0 % (3) (25)

Subtotal Control Investments (3.0%) 7,149 25,826 22,412

Total Investments, December 31, 2021 (242.7%) $ 1,554,503 $ 1,787,821 $ 1,800,596

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(Amounts in thousands, except share amounts)

Derivative Instruments

8 unchanged sentences

(d) See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the MVC Credit Support Agreement.

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(Amounts in thousands, except share amounts)

Foreign Currency Forward Contracts:

37 unchanged sentences

_______________________________________________________________

* Fair value as a percentage of net assets.

(1) All debt investments are income producing, unless otherwise noted.

4 unchanged sentences

Index-based floating interest rates are generally subject to a contractual minimum interest rate.

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(Amounts in thousands, except share amounts)

(commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower's option.

A majority of the variable rate loans in the Company's investment portfolio bear interest at a rate that may be determined by reference to LIBOR, EURIBOR, GBP LIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower's option.

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

5 unchanged sentences

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).

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(Amounts in thousands, except share amounts)

34 unchanged sentences

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

(d) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

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

Barings BDC, Inc.

2 unchanged sentences

(Amounts in thousands, except share amounts)

(d) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

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

84 unchanged sentences

Any repurchases pursuant to the authorized program will occur during the 12-month period commencing upon the filing of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2021, which occurred on May 6, 2021, and will be made in accordance with applicable legal, contractual and regulatory requirements.

During the three months ended March 31, 2022, the Company repurchased a total of 207,677 shares of its common stock in the open market under the authorized program at an average price of $10.14 per share, including broker commissions.

The MVC repurchase program terminated on May 6, 2022.

During the three months ended June 30, 2022, the Company did not repurchase any shares of common stock in the open market under the authorized program.

During the six months ended June 30, 2022, the Company repurchased a total of 207,677 shares of common stock in the open market under the authorized program at an average price of $10.14 per share, including broker commissions.

In connection with the completion of the Company’s acquisition of Sierra on February 25, 2022 (the “Sierra Acquisition”), the Company committed to make open-market purchases of shares of its common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed NAV per share.

Any repurchases pursuant to the authorized program will occur during the 12-month period commencing on April 1, 2022 and are expected to be made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as subject to compliance with the Company’s covenant and regulatory requirements.

During both the three and six months ended June 30, 2022, the Company repurchased a total of 1,309,442 shares of common stock in the open market under the authorized program at an average price of $9.93 per share, including broker commissions.

AGREEMENTS AND RELATED PARTY TRANSACTIONS

12 unchanged sentences

(v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.

The New Barings BDC Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit,

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the New Barings BDC Advisory Agreement or otherwise as an investment adviser of the Company.

its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the New Barings BDC Advisory Agreement or otherwise as an investment adviser of the Company.

The Adviser’s services under the New Barings BDC Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the New Barings BDC Advisory Agreement is not adversely affected.

10 unchanged sentences

Base Management Fees for any partial month or quarter will be appropriately pro-rated.

For the three months ended March 31, 2022, the Base Management Fee determined in accordance with the terms of the New Barings BDC Advisory Agreement was approximately $5.9 million.

For the three months ended March 31, 2021, the Base Management Fee determined in accordance with the terms of the Amended and Restated Advisory Agreement was approximately $3.9 million.

As of March 31, 2022, the Base Management Fee of $5.9 million for the three months ended March 31, 2022 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet.

For the three and six months ended June 30, 2022, the Base Management Fee determined in accordance with the terms of the New Barings BDC Advisory Agreement was approximately $7.4 million and $13.3 million, respectively.

For the three and six months ended June 30, 2021, the Base Management Fee determined in accordance with the terms of the Amended and Restated Advisory Agreement was approximately $4.9 million and $8.8 million, respectively.

As of June 30, 2022, the Base Management Fee of $7.4 million for the three months ended June 30, 2022 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet.

As of December 31, 2021, the Base Management Fee of $5.4 million for the three months ended December 31, 2021 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.

4 unchanged sentences

The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of the Company's NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters.

For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee).

For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee).

For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

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

15 unchanged sentences

If this Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.

Under the New Barings BDC Advisory Agreement, the "cumulative aggregate realized capital gains" are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company's portfolio when sold and (b) the accreted or amortized cost basis of such investment.

The cumulative aggregate realized capital losses are calculated as the sum of the differences, if negative, between (a) the net sales price of each investment in the Company's portfolio when sold and (b) the accreted or amortized cost basis of such investment.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company's portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment.

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

For the three months ended March 31, 2022, the Income-Based Fee determined in accordance with the terms of the New Barings BDC Advisory Agreement was $4.8 million.

For the three months ended March 31, 2021, the Income-Based Fee determined in accordance with the terms of the Amended and Restated Advisory Agreement was $2.7 million.

As of March 31, 2022, the Income-Based Fee of $4.8 million was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet.

For the three and six months ended June 30, 2022, the Income-Based Fee determined in accordance with the terms of the New Barings BDC Advisory Agreement was zero and $4.8 million, respectively.

For the three and six months ended June 30, 2021, the Income-Based Fee determined in accordance with the terms of the Amended and Restated Advisory Agreement was $3.5 million and $6.2 million, respectively.

As of December 31, 2021, the Income-Based Fee of $4.1 million for the three months ended December 31, 2021 was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.

The Company did not incur any capital gains fees for either of the three months ended March 31, 2022 or 2021.

The Company did not incur any capital gains fees for either of the three or six months ended June 30, 2022 or 2021.

Payment of Company Expenses

8 unchanged sentences

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

• the actual cost of goods and services used for the Company and obtained by the Adviser from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with generally accepted accounting principles;

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

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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

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

For the three months ended March 31, 2022 and March 31, 2021, the Company incurred and was invoiced by the Adviser for expenses of approximately $1.0 million and $0.5 million under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations.

As of March 31, 2022, the administrative expenses of $1.0 million for the three months ended March 31, 2022 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet.

For the three and six months ended June 30, 2022, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.9 million and $1.8 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations.

For the three and six months ended June 30, 2021, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.5 million and $1.0 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations.

As of June 30, 2022, the administrative expenses of $0.9 million for the three months ended June 30, 2022 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet.

As of December 31, 2021, the administrative expenses of $0.8 million incurred for the three months ended December 31, 2021 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.

11 unchanged sentences

• The MVC Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company.

In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the MVC Credit Support Agreement.

In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the MVC Credit Support Agreement.

The MVC Credit Support Agreement is intended to give stockholders of the combined company following the MVC Acquisition downside protection from net cumulative realized and unrealized losses on the acquired MVC portfolio and insulate the combined company’s stockholders from potential value volatility and losses in MVC’s portfolio following the closing of the MVC Acquisition.

There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with

In the event of such a voluntary termination by the Adviser of the then-current investment advisory

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

the MVC Credit Support Agreement.

agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the MVC Credit Support Agreement.

In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the MVC Credit Support Agreement.

There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the MVC Credit Support Agreement.

Any cash payment from the Adviser to the Company under the MVC Credit Support Agreement will be excluded from the Company’s incentive fee calculations under the New Barings BDC Advisory Agreement.

15 unchanged sentences

In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the Sierra Credit Support Agreement.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The Sierra Credit Support Agreement is intended to give stockholders of the combined company following the Sierra Acquisition downside protection from net cumulative realized and unrealized losses on the acquired Sierra portfolio and insulate the combined company’s stockholders from potential value volatility and losses in Sierra’s portfolio following the closing of the Company’s merger with Sierra.

1 unchanged sentence

Any cash payment from the Adviser to the Company under the Sierra Credit Support Agreement will be excluded from the combined company’s incentive fee calculations under the New Barings BDC Advisory Agreement.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

When the Company and the Adviser entered into the Sierra Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in "Additional paid-in capital" in the accompanying Unaudited Consolidated Balance Sheet.

9 unchanged sentences

Total Portfolio Percentage of

March 31, 2022:

June 30, 2022:

Senior debt and 1 st lien notes

17 unchanged sentences

$ 1,787,824 100 % $ 1,800,594 100 % 243 %

During the three months ended March 31, 2022, the Company made 22 new investments totaling $229.3 million, purchased $442.2 million of investments as part of the Sierra Acquisition, made investments in existing portfolio companies totaling $89.3 million and made additional investments in joint venture equity portfolio companies totaling $11.7 million.

During the three months ended March 31, 2021, the Company made 18 new investments totaling $172.2 million, made investments in existing portfolio companies totaling $73.2 million, made one new joint venture equity investment totaling $4.5 million and made additional investments in existing joint venture equity portfolio companies totaling $25.0 million.

During the three months ended June 30, 2022, the Company made 26 new investments totaling $248.7 million, made investments in existing portfolio companies totaling $101.5 million and made additional investments in joint venture equity portfolio companies totaling $2.1 million.

During the six months ended June 30, 2022, the Company made 48 new investments totaling $495.2 million, purchased $442.2 million of investments as part of the Sierra Acquisition, made investments in existing portfolio companies totaling $173.5 million and made additional investments in joint venture equity portfolio companies totaling $13.8 million.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the three months ended June 30, 2021, the Company made 22 new investments totaling $204.2 million, made investments in existing portfolio companies totaling $54.2 million, and made net additional investments in existing joint venture equity portfolio companies totaling $6.0 million.

During the six months ended June 30, 2021, the Company made 40 new investments totaling $390.9 million, made investments in existing portfolio companies totaling $112.9 million, made a net new joint venture equity investment totaling $5.5 million and additional investments in joint venture equity portfolio companies totaling $30.0 million.

Industry Composition

The industry composition of investments at fair value at March 31, 2022 and December 31, 2021, excluding short-term investments, was as follows:

($ in thousands) March 31, 2022 December 31, 2021

The industry composition of investments at fair value at June 30, 2022 and December 31, 2021, excluding short-term investments, was as follows:

($ in thousands) June 30, 2022 December 31, 2021

Aerospace and Defense $ 119,558 5.0 % $ 91,129 5.1 %

37 unchanged sentences

The Company and SCRS committed to initially provide $50.0 million and $500.0 million, respectively, of equity capital to Jocassee.

On June 2, 2022, the Company committed an additional $50.0 million to Jocassee.

Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.

1 unchanged sentence

Notes to Unaudited Consolidated Financial Statements — (Continued)

The total value of Jocassee’s investment portfolio was $1,366.6 million as of March 31, 2022, as compared to $1,258.2 million as of December 31, 2021.

As of March 31, 2022, Jocassee’s investments had an aggregate cost of $1,376.0 million, as compared to $1,242.2 million as of December 31, 2021.

As of March 31, 2022 and December 31, 2021, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments was approximately 5.4% and 5.3%, respectively.

As of March 31, 2022 and December 31, 2021, the Jocassee investment portfolio consisted of the following investments:

The total value of Jocassee’s investment portfolio was $1,247.9 million as of June 30, 2022, as compared to $1,258.2 million as of December 31, 2021.

As of June 30, 2022, Jocassee’s investments had an aggregate cost of $1,316.5 million, as compared to $1,242.2 million as of December 31, 2021.

As of June 30, 2022 and December 31, 2021, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments was approximately 6.2% and 5.3%, respectively.

As of June 30, 2022 and December 31, 2021, the Jocassee investment portfolio consisted of the following investments:

($ in thousands) Cost Percentage of

Portfolio Fair Value Percentage of

March 31, 2022:

June 30, 2022:

Senior debt and 1 st lien notes

1 unchanged sentence

Subordinated debt and 2nd lien notes 22,679 2 % 21,959 2 %

Structured products 4,041 — % 4,405 — %

Equity shares 4,704 — % 3,129 — %

15 unchanged sentences

Notes to Unaudited Consolidated Financial Statements — (Continued)

The industry composition of Jocassee’s investments at fair value at March 31, 2022 and December 31, 2021, excluding short-term investments, was as follows:

($ in thousands) March 31, 2022 December 31, 2021

The industry composition of Jocassee’s investments at fair value at June 30, 2022 and December 31, 2021, excluding short-term investments, was as follows:

($ in thousands) June 30, 2022 December 31, 2021

Aerospace and Defense $ 69,598 5.6 % $ 71,857 5.8 %

37 unchanged sentences

Notes to Unaudited Consolidated Financial Statements — (Continued)

The geographic composition of Jocassee’s investments at fair value at March 31, 2022 and December 31, 2021, excluding short-term investments, was as follows:

($ in thousands) March 31, 2022 December 31, 2021

The geographic composition of Jocassee’s investments at fair value at June 30, 2022 and December 31, 2021, excluding short-term investments, was as follows:

($ in thousands) June 30, 2022 December 31, 2021

Australia $ 26,453 2.1 % $ 16,509 1.3 %

19 unchanged sentences

Total $ 1,239,130 100 % $ 1,245,647 100 %

Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $129.3 million and $176.3 million outstanding as of March 31, 2022 and December 31, 2021, respectively.

Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $347.9 million and $342.8 million outstanding as of March 31, 2022 and December 31, 2021, respectively.

Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.1 million outstanding as of both March 31, 2022 and December 31, 2021.

Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $173.6 million and $176.3 million outstanding as of June 30, 2022 and December 31, 2021, respectively.

Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $351.6 million and $342.8 million outstanding as of June 30, 2022 and December 31, 2021, respectively.

Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.2 million and $323.1 million outstanding as of June 30, 2022 and December 31, 2021.

The Company may sell portions of its investments via assignment to Jocassee.

Since inception, as of March 31, 2022 and December 31, 2021, the Company had sold $830.8 million and $698.5 million, respectively, of its investments to Jocassee.

For the three months ended March 31, 2022 and March 31, 2021, the Company realized a loss on the sales of its investments to Jocassee of $0.2 million and $0.3 million, respectively.

As of March 31, 2022 and December 31, 2021, the Company had $180.0 million and $216.9 million, respectively, in unsettled receivables due from Jocassee that were included in "Receivable from unsettled transactions" in the accompanying Unaudited and Audited Consolidated Balance Sheets.

Since inception, as of June 30, 2022 and December 31, 2021, the Company had sold $830.8 million and $698.5 million, respectively, of its investments to Jocassee.

For both the three and six months ended June 30, 2022, the Company realized a loss on the sales of its investments to Jocassee of $0.2 million.

For the three and six months ended June 30, 2021, the Company realized a gain on the sales of its investments to Jocassee of $0.9 million and $1.4 million, respectively.

As of June 30, 2022 and December 31, 2021, the Company had $24.1 million and $216.9 million, respectively, in unsettled receivables due from Jocassee that were included in "Receivable from unsettled transactions" in the accompanying Unaudited and Audited Consolidated Balance Sheets.

The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale and satisfies the following conditions:

3 unchanged sentences

(i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company.

The Company has determined that Jocassee is an investment company under ASC, Topic 946, Financial Services - Investment Companies , however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company.

The Company does not consolidate its interest in Jocassee as it is not a substantially wholly owned investment company subsidiary.

In addition, Jocassee is not an operating company and the Company does not control Jocassee due to the allocation of voting rights among Jocassee members.

As of March 31, 2022 and December 31, 2021, Jocassee had the following contributed capital and unfunded commitments from its members:

As of June 30, 2022 and December 31, 2021, Jocassee had the following contributed capital and unfunded commitments from its members:

($ in thousands) As of

March 31, 2022

June 30, 2022

As of December 31, 2021

8 unchanged sentences

On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers.

Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of March 31, 2022.

As of March 31, 2022, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.

For the three months ended March 31, 2022, Thompson Rivers declared $20.0 million in dividends, of which $3.2 million was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations.

As of March 31, 2022, Thompson Rivers had $2.7 billion in Ginnie Mae early buyout loans and $117.4 million in cash.

As of June 30, 2022, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.

For the three and six months ended June 30, 2022, Thompson Rivers declared $69.4 million and $89.4 million in dividends, respectively, of which $2.3 million and $5.5 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations.

In addition, for both the three and six months ended June 30, 2022, the Company recognized $8.8 million of the dividends as a return of capital.

As of June 30, 2022, Thompson Rivers had $1.5 billion in Ginnie Mae early buyout loans and $267.1 million in cash.

As of December 31, 2021, Thompson Rivers had $3.1 billion in Ginnie Mae early buyout loans and $220.6 million in cash.

As of March 31, 2022, Thompson Rivers had 14,270 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 3.9%.

As of June 30, 2022, Thompson Rivers had 8,676 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.

As of December 31, 2021, Thompson Rivers had 15,617 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.

As of March 31, 2022 and December 31, 2021, the Thompson Rivers investment portfolio consisted of the following investments:

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of June 30, 2022 and December 31, 2021, the Thompson Rivers investment portfolio consisted of the following investments:

($ in thousands) Cost Percentage of

Portfolio Fair Value Percentage of

March 31, 2022:

June 30, 2022:

Federal Housing Administration (“FHA”) loans $ 1,419,533 90 % $ 1,389,345 90 %

5 unchanged sentences

$ 3,024,529 100 % $ 3,063,035 100 %

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $572.4 million and $694.8 million outstanding as of March 31, 2022 and December 31, 2021, respectively.

Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $1,087.3 million and $1,245.2 million outstanding as of March 31, 2022 and December 31, 2021, respectively.

Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $749.7 million and $933.1 million outstanding as of March 31, 2022 and December 31, 2021, respectively.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $396.6 million and $694.8 million outstanding as of June 30, 2022 and December 31, 2021, respectively.

Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $693.1 million and $1,245.2 million outstanding as of June 30, 2022 and December 31, 2021, respectively.

Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $340.3 million and $933.1 million outstanding as of June 30, 2022 and December 31, 2021, respectively.

The Company has determined that Thompson Rivers is an investment company under ASC, Topic 946, Financial Services - Investment Companies , however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company.

1 unchanged sentence

In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.

As of March 31, 2022 and December 31, 2021, Thompson Rivers had the following contributed capital and unfunded commitments from its members:

As of June 30, 2022 and December 31, 2021, Thompson Rivers had the following contributed capital and unfunded commitments from its members:

($ in thousands) As of

March 31, 2022

June 30, 2022

As of December 31, 2021

9 unchanged sentences

On February 8, 2021, the Company entered into a limited liability company agreement governing Waccamaw River.

Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, of which approximately $20.4 million (including approximately $5.3 million of recallable return of capital) has been funded as of March 31, 2022.

As of March 31, 2022, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, of which $102.1 million (including $14.0 million of recallable return of capital) has been funded.

On March 31, 2022, Waccamaw River declared $1.5 million in dividends, of which $0.3 million was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations.

As of March 31, 2022, Waccamaw River had $89.7 million in unsecured consumer loans and $8.5 million in cash.

Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, of which approximately $22.5 million (including approximately $5.3 million of recallable return of capital) has been funded as of June 30, 2022.

As of June 30, 2022, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, of which $112.6 million (including $14.0 million of recallable return of capital) has been funded.

For the three and six months ended June 30, 2022, Waccamaw River declared $2.4 million and $3.9 million in dividends, respectively, of which $0.5 million and $0.8 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of June 30, 2022, Waccamaw River had $130.1 million in unsecured consumer loans and $12.3 million in cash.

As of December 31, 2021, Waccamaw River had $60.8 million in unsecured consumer loans and $4.9 million in cash.

As of March 31, 2022, Waccamaw River had 7,964 outstanding loans with an average loan size of $11,522, remaining average life to maturity of 45.9 months and weighted average interest rate of 10.9%.

As of June 30, 2022, Waccamaw River had 11,626 outstanding loans with an average loan size of $11,488, remaining average life to maturity of 45.4 months and weighted average interest rate of 11.0%.

As of December 31, 2021, Waccamaw River had 5,500 outstanding loans with an average loan size of $11,280, remaining average life to maturity of 46.5 months and weighted average interest rate of 10.9%.

Waccamaw River's secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $37.1 million as of June 30, 2022.

The Company has determined that Waccamaw River is an investment company under ASC, Topic 946, Financial Services - Investment Companies , however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company.

1 unchanged sentence

In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2022 and December 31, 2021, Waccamaw River had the following contributed capital and unfunded commitments from its members:

As of June 30, 2022 and December 31, 2021, Waccamaw River had the following contributed capital and unfunded commitments from its members:

($ in thousands) As of

March 31, 2022

June 30, 2022

December 31, 2021

19 unchanged sentences

Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.

As of March 31, 2022, Sierra JV had total capital commitments of $124.5 million with the Company committing $110.1 million and MMALIC committing $14.5 million.

The Company had fully funded its $110.1 million commitment and total commitments of $124.5 million were funded as of March 31, 2022.

As of June 30, 2022, Sierra JV had total capital commitments of $124.5 million with the Company committing $110.1 million and MMALIC committing $14.5 million.

The Company had fully funded its $110.1 million commitment and total commitments of $124.5 million were funded as of June 30, 2022.

For both the three and six months ended June 30, 2022, Sierra JV declared $31.8 million in dividends, of which $1.6 million was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations.

In addition, for both the three and six months ended June 30, 2022, the Company recognized $26.7 million of the dividends as a return of capital.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The Company has determined that Sierra JV is an investment company under ASC, Topic 946, Financial Services - Investment Companies , however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company.

1 unchanged sentence

In addition, Sierra JV is not an operating company and the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.

As of March 31, 2022, the total cost and value of Sierra JV’s investment portfolio was $158.8 million and $152.0 million, respectively.

As of March 31, 2022, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 5.8%.

As of March 31, 2022, the Sierra JV investment portfolio consisted of the following investments:

As of June 30, 2022, the total cost and value of Sierra JV’s investment portfolio was $140.8 million and $130.0 million, respectively.

As of June 30, 2022, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 6.7%.

As of June 30, 2022, the Sierra JV investment portfolio consisted of the following investments:

($ in thousands) Cost Percentage of

Portfolio Fair Value Percentage of

March 31, 2022:

June 30, 2022:

Senior debt and 1 st lien notes

1 unchanged sentence

$ 140,753 100 % $ 129,992 100 %

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The industry composition of Sierra JV’s investments at fair value at March 31, 2022, excluding short-term investments, was as follows:

($ in thousands) March 31, 2022

The industry composition of Sierra JV’s investments at fair value at June 30, 2022, excluding short-term investments, was as follows:

($ in thousands) June 30, 2022

Automotive 5,674 4.4 %

6 unchanged sentences

Durable 2,816 2.2

Consumer goods:

Non-durable 43 —

Containers, Packaging and Glass 1,822 1.4

13 unchanged sentences

Total $ 129,992 100.0 %

Sierra JV’s revolving credit facility with Wells Fargo Bank, N.A., which is non-recourse to the Company, had $75.0 million outstanding as of March 31, 2022.

Sierra JV’s revolving credit facility with Wells Fargo Bank, N.A., which is non-recourse to the Company, had $75.0 million outstanding as of June 30, 2022.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Eclipse Business Capital Holdings LLC

On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates.

As of March 31, 2022 and December 31, 2021, $2.7 million and $1.8 million, respectively, of the revolver was funded.

As of June 30, 2022 and December 31, 2021, $7.1 million and $1.8 million, respectively, of the revolver was funded.

Eclipse conducts its business through Eclipse Business Capital LLC.

9 unchanged sentences

Valuation of Investments

The Company conducts the valuation of its investments, upon which its net asset value is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

820, Fair Value Measurements and Disclosures ("ASC Topic 820").

The Company's current valuation policy and processes were established by the Adviser and have been approved by the Board.

15 unchanged sentences

The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

In addition, changes in the market

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

Investment Valuation Process

9 unchanged sentences

The Company's middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Independent Valuation

14 unchanged sentences

The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Company will utilize alternative approaches such as broker quotes or manual prices.

An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

reliable, the Company will utilize alternative approaches such as broker quotes or manual prices.

The Company attempts to maximize the use of observable inputs and minimize the use of unobservable inputs.

3 unchanged sentences

The net asset value is determined in accordance with the specialized accounting guidance for investment companies.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Level 3 Unobservable Inputs

The following tables summarize the significant unobservable inputs the Company used in the valuation of its Level 3 debt and equity securities as of March 31, 2022 and December 31, 2021.

The following tables summarize the significant unobservable inputs the Company used in the valuation of its Level 3 debt and equity securities as of June 30, 2022 and December 31, 2021.

The weighted average range of unobservable inputs is based on fair value of investments.

March 31, 2022:

June 30, 2022:

($ in thousands)

7 unchanged sentences

23,233 Market Approach Adjusted EBITDA Multiple 1.8x – 6.0x 5.5x Increase

4,732 Market Approach Revenue Multiple 0.4x 0.4x Increase

4,738 Discounted Cash Flow Analysis Discount Rate 9.2% 9.2% Decrease

386,310 Recent Transaction Transaction Price 96.0% – 100.0% 97.9% Increase

2 unchanged sentences

34,899 Market Approach Adjusted EBITDA Multiple 6.8x – 10.3x 8.0x Increase

1,592 Discounted Cash Flow Analysis Discount Rate 19.6% 19.6% Decrease

5,642 Market Approach Revenue Multiple 0.8x 0.8x Increase

92,859 Recent Transaction Transaction Price 92.7% – 98.0% 96.6% Increase

6 unchanged sentences

Equity warrants 35 Market Approach Adjusted EBITDA Multiple 3.5x – 19.5x 3.5x Increase

— Market Approach Revenue Multiple 0.4x 0.4x Increase

(1) Excludes investments with an aggregate fair value amounting to $8,224, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

28 unchanged sentences

(4) Estimated proceeds expected to be received under legally binding asset purchase agreement for sale of real estate held by portfolio company.

The following tables present the Company’s investment portfolio at fair value as of March 31, 2022 and December 31, 2021, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

Fair Value as of March 31, 2022

The following tables present the Company’s investment portfolio at fair value as of June 30, 2022 and December 31, 2021, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

Fair Value as of June 30, 2022

($ in thousands) Level 1 Level 2 Level 3 Total

25 unchanged sentences

The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.

The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2022 and 2021:

Three Months Ended

March 31, 2022:

Six Months Ended

June 30, 2022:

($ in thousands)

6 unchanged sentences

Investments acquired in Sierra merger 210,176 54,177 — 7,065 72 271,490

Transfers into Level 3, net 2,580 — 4,905 — — 7,485

Transfers into (out of) Level 3, net (6,054) — 4,905 7,263 — 6,114

Proceeds from sales of investments (220,592) (14,754) — (1,472) (250) (237,068)

7 unchanged sentences

Fair value, end of period $ 1,437,934 $ 295,582 $ 10,434 $ 264,331 $ 35 $ 2,008,316

Three Months Ended

March 31, 2021:

Six Months Ended

June 30, 2021:

($ in thousands)

15 unchanged sentences

All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations.

Pre-tax net unrealized appreciation on Level 3 investments of $21.0 million during the three months ended March 31, 2022 was related to portfolio company investments that were still held by the Company as of March 31, 2022.

Pre-tax net unrealized depreciation on Level 3 investments of $0.4 million during the three months ended March 31, 2021 was related to portfolio company investments that were still held by the Company as of March 31, 2021.

Pre-tax net unrealized depreciation on Level 3 investments of $(32.0) million and $(11.0) million during the three and six months ended June 30, 2022, respectively, was related to portfolio company investments that were still held by the Company as of June 30, 2022.

Pre-tax net unrealized appreciation on Level 3 investments of $9.3 million and $8.9 million during the three and six months ended June 30, 2021, respectively, was related to portfolio company investments that were still held by the Company as of June 30, 2021.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the three months ended March 31, 2022, the Company made investments of approximately $741.9 million in portfolio companies to which it was not previously contractually committed to provide such financing.

During the three months ended March 31, 2022, the Company made investments of $30.5 million in portfolio companies to which it was previously committed to provide such financing.

During the three months ended March 31, 2021, the Company made investments of approximately $247.6 million in portfolio companies to which it was not previously contractually committed to provide such financing.

During the three months ended March 31, 2021, the Company made investments of $27.3 million in portfolio companies to which it was previously committed to provide such financing.

During the six months ended June 30, 2022, the Company made investments of approximately $1,076.7 million in portfolio companies to which it was not previously contractually committed to provide such financing.

During the six months ended June 30, 2022, the Company made investments of $62.0 million in portfolio companies to which it was previously committed to provide such financing.

Exclusive of short-term investments, during the six months ended June 30, 2021, the Company made investments of approximately $503.5 million in portfolio companies to which it was not previously contractually committed to provide such financing.

During the six months ended June 30, 2021, the Company made investments of $35.8 million in portfolio companies to which it was previously committed to provide such financing.

Unsettled Purchases and Sales of Investments

21 unchanged sentences

The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible.

As of March 31, 2022 and December 31, 2021,

As of June 30, 2022 and December 31, 2021, the

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

the Company had seven and two portfolio companies, respectively, with investments that were on non-accrual.

Company had seven and two portfolio companies, respectively, with investments that were on non-accrual.

Dividend income is recorded on the ex-dividend date.

10 unchanged sentences

Such fees include loan prepayment penalties, structuring fees and loan waiver and amendment fees, and are recorded as investment income when earned.

Fee income for the three months ended March 31, 2022 and 2021 was as follows:

Fee income for the three and six months ended June 30, 2022 and 2021 was as follows:

Three Months Ended

($ in thousands) March 31, 2022 March 31, 2021

Six Months Ended

($ in thousands) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021

Recurring Fee Income:

9 unchanged sentences

Concentration of Credit Risk

As of both March 31, 2022 and December 31, 2021, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio.

As of March 31, 2022 and December 31, 2021, the Company’s largest single portfolio company investment represented approximately 5.2% and 5.5%, respectively, of the fair value of the Company’s portfolio, exclusive of short-term investments.

As of June 30, 2022 and December 31, 2021, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio.

As of June 30, 2022 and December 31, 2021, the Company’s largest single portfolio company investment represented approximately 5.3% and 5.5%, respectively, of the fair value of the Company’s portfolio.

Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.

The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.

As of March 31, 2022, all of the Company's assets were or will be pledged as collateral for the February 2019 Credit Facility.

As of June 30, 2022, all of the Company's assets were or will be pledged as collateral for the February 2019 Credit Facility.

Barings BDC, Inc.

1 unchanged sentence

Investments Denominated in Foreign Currencies

As of March 31, 2022, the Company held one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, eight investments that were denominated in Australian dollars, one investment that was denominated in New Zealand dollars, one investment that was denominated in Swedish kronas, 40 investments that were denominated in Euros and 21 investments that were denominated in British pounds sterling.

As of June 30, 2022, the Company held one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, eight investments that were denominated in Australian dollars, one investment that was denominated in New Zealand dollars, one investment that was denominated in Swiss francs, one investment that was denominated in Swedish kronas, 48 investments that were denominated in Euros and 24 investments that were denominated in British pounds sterling.

As of December 31, 2021, the Company held one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, five investments that were denominated in Australian dollars, one investment that was denominated in Swedish kronas, 36 investments that were denominated in Euros and 18 investments that were denominated in British pounds sterling.

3 unchanged sentences

All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company's Unaudited Consolidated Statements of Operations.

In addition, during both the three months ended March 31, 2022 and March 31, 2021, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company's investments and related borrowings denominated in foreign currencies.

In addition, during both the six months ended June 30, 2022 and June 30, 2021, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company's investments and related borrowings denominated in foreign currencies.

Net unrealized appreciation or depreciation on foreign currency contracts are included in "Net unrealized appreciation (depreciation) - foreign currency transactions" and net realized gains or losses on forward currency contracts are included in "Net realized gains (losses) - foreign currency transactions" in the Company's Unaudited Consolidated Statements of Operations.

12 unchanged sentences

Management has analyzed the Company's tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2018-2020), and has concluded that the provision for uncertain tax positions in the Company's financial statements is appropriate.

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items.

or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items.

To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.

For federal income tax purposes, the cost of investments owned as of March 31, 2022 and December 31, 2021 was approximately $2,399.8 million and $1,792.1 million, respectively.

As of March 31, 2022, net unrealized appreciation on the Company's investments (tax basis) was approximately $15.9 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $78.6 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $62.7 million.

As of December 31, 2021, net unrealized depreciation on the Company's investments (tax basis) was approximately $16.4 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $45.6 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $29.2 million.

For federal income tax purposes, the cost of investments owned as of June 30, 2022 and December 31, 2021 was approximately $2,451.3 million and $1,792.1 million, respectively.

As of June 30, 2022, net unrealized depreciation on the Company's investments (tax basis) was approximately $32.8 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $111.7 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $144.5 million.

As of December 31, 2021, net unrealized appreciation on the Company's investments (tax basis) was approximately $16.4 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $45.6 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $29.2 million.

I n addition, the Company has wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), which hold certain portfolio investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments.

7 unchanged sentences

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

As of March 31, 2022, two of the Company’s taxable subsidiaries had a deferred tax asset of $8.6 million pertaining to operating losses and tax basis differences related to certain partnership interests, and the Company’s other taxable subsidiary had a deferred tax liability of $0.8 million pertaining to tax basis differences related to certain partnership interests.

As of June 30, 2022, two of the Company’s taxable subsidiaries had a deferred tax asset of $8.1 million pertaining to operating losses and tax basis differences related to certain partnership interests, and the Company’s other taxable subsidiary had a deferred tax liability of $0.8 million pertaining to tax basis differences related to certain partnership interests.

As of December 31, 2021, the Company’s taxable subsidiaries had a deferred tax asset of $8.6 million pertaining to operating losses and tax basis differences related to certain partnership interests.

A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized.

As of both March 31, 2022 and December 31, 2021, given the losses generated by the entity, the deferred tax assets have been offset by a valuation allowance of $8.6 million.

As of June 30, 2022 and December 31, 2021, given the losses generated by the entity, the deferred tax assets have been offset by a valuation allowance of $8.1 million and $8.6 million, respectively.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The Company had the following borrowings outstanding as of March 31, 2022 and December 31, 2021:

The Company had the following borrowings outstanding as of June 30, 2022 and December 31, 2021:

Issuance Date

($ in thousands) Maturity Date Interest Rate as of March 31, 2022

March 31, 2022 December 31, 2021

($ in thousands) Maturity Date Interest Rate as of June 30, 2022

June 30, 2022 December 31, 2021

Credit Facilities:

15 unchanged sentences

Effective February 25, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, and the allowance for an increase in the total commitments increased to $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants.

Effective on April 1, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $1.1 billion from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants.

The Company can borrow foreign currencies directly under the February 2019 Credit Facility.

8 unchanged sentences

In addition, the Company pays a commitment fee of (i) 0.5% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is greater than two-thirds of total commitments or (ii) 0.375% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is equal to or less than two-thirds of total commitments.

In connection with entering into the February 2019 Credit Facility, the Company incurred financing fees of approximately $6.4 million, which will be amortized over the remaining life of the February 2019 Credit Facility.

In connection

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

with entering into the February 2019 Credit Facility, the Company incurred financing fees of approximately $6.4 million, which will be amortized over the remaining life of the February 2019 Credit Facility.

The February 2019 Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders' equity, (ii) maintaining minimum obligors' net worth, (iii) maintaining a minimum asset coverage ratio, (iv) meeting a minimum liquidity test and (v) maintaining the Company's status as a regulated investment company and as a business development company.

1 unchanged sentence

The February 2019 Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions.

As of March 31, 2022, the Company was in compliance with all covenants under the February 2019 Credit Facility.

As of March 31, 2022, the Company had U.S.

As of June 30, 2022, the Company was in compliance with all covenants under the February 2019 Credit Facility.

As of June 30, 2022, the Company had U.S.

dollar borrowings of $537.5 million outstanding under the February 2019 Credit Facility with an interest rate of 3.198% (one month SOFR of 1.098%), borrowings denominated in Swedish kronas of 12.8kr million ($1.2 million U.S.

15 unchanged sentences

The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in "Net unrealized appreciation (depreciation) - foreign currency transactions" in the Company's Unaudited Consolidated Statements of Operations.

As of March 31, 2022 and December 31, 2021, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $757.2 million and $655.2 million, respectively.

As of June 30, 2022 and December 31, 2021, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $814.4 million and $655.2 million, respectively.

The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

13 unchanged sentences

Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable.

As of March 31, 2022, the Company was in compliance with all covenants under the August 2020 NPA.

As of June 30, 2022, the Company was in compliance with all covenants under the August 2020 NPA.

The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of March 31, 2022 and December 31, 2021, the fair value of the outstanding August 2025 Notes was $49.7 million and $52.2 million, respectively.

As of June 30, 2022 and December 31, 2021, the fair value of the outstanding August 2025 Notes was $47.5 million and $52.2 million, respectively.

The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

11 unchanged sentences

Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable.

As of March 31, 2022, the Company was in compliance with all covenants under the November 2020 NPA.

As of June 30, 2022, the Company was in compliance with all covenants under the November 2020 NPA.

Barings BDC, Inc.

2 unchanged sentences

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

As of March 31, 2022 and December 31, 2021, the fair value of the outstanding Series B Notes was $61.1 million and $64.1 million, respectively.

As of March 31, 2022 and December 31, 2021, the fair value of the outstanding Series C Notes was $109.0 million and $115.3 million, respectively.

As of June 30, 2022 and December 31, 2021, the fair value of the outstanding Series B Notes was $58.4 million and $64.1 million, respectively.

As of June 30, 2022 and December 31, 2021, the fair value of the outstanding Series C Notes was $101.7 million and $115.3 million, respectively.

The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

15 unchanged sentences

Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable.

As of March 31, 2022, the Company was in compliance with all covenants under the February 2021 NPA.

As of June 30, 2022, the Company was in compliance with all covenants under the February 2021 NPA.

The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act.

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

As of March 31, 2022 and December 31, 2021, the fair value of the outstanding Series D Notes were $75.5 million and $79.2 million, respectively.

As of March 31, 2022 and December 31, 2021, the fair value of the outstanding Series E Notes was $65.2 million and $68.7 million, respectively.

As of June 30, 2022 and December 31, 2021, the fair value of the outstanding Series D Notes were $71.6 million and $79.2 million, respectively.

As of June 30, 2022 and December 31, 2021, the fair value of the outstanding Series E Notes was $60.2 million and $68.7 million, respectively.

The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

11 unchanged sentences

In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Company will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.

As of March 31, 2022 and December 31, 2021, the fair value of the outstanding November 2026 Notes was $320.9 million and $346.8 million, respectively.

As of June 30, 2022 and December 31, 2021, the fair value of the outstanding November 2026 Notes was $298.9 million and $346.8 million, respectively.

The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

4 unchanged sentences

Net unrealized appreciation or depreciation on the MVC Credit Support Agreement is included in "Net unrealized appreciation (depreciation) - credit support agreements" in the Company’s Unaudited Consolidated Statements of Operations.

The following tables present the fair value and aggregate unrealized depreciation of the MVC Credit Support Agreement as of March 31, 2022 and December 31, 2021:

As of March 31, 2022

The following tables present the fair value and aggregate unrealized depreciation of the MVC Credit Support Agreement as of June 30, 2022 and December 31, 2021:

As of June 30, 2022

($ in thousands)

9 unchanged sentences

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2022 and December 31, 2021, the fair value of the MVC Credit Support Agreement was $15.0 million and $15.4 million, respectively, and is included in "Credit support agreements" in the accompanying Unaudited and Audited Consolidated Balance Sheets.

As of June 30, 2022 and December 31, 2021, the fair value of the MVC Credit Support Agreement was $9.3 million and $15.4 million, respectively, and is included in "Credit support agreements" in the accompanying Unaudited and Audited Consolidated Balance Sheets.

The fair value of the MVC Credit Support Agreement was determined based on an income approach, with the primary inputs being the enterprise value, the continuously annual risk-free interest rate, a measure of expected asset volatility, and the expected time until an exit event for each portfolio company in the MVC Reference Portfolio, which are all Level 3 inputs.

3 unchanged sentences

Net unrealized appreciation or depreciation on the Sierra Credit Support Agreement is included in "Net unrealized appreciation (depreciation) - credit support agreements" in the Company’s Unaudited Consolidated Statements of Operations.

The following table presents the fair value and aggregate unrealized depreciation of the Sierra Credit Support Agreement as of March 31, 2022:

As of March 31, 2022

The following table presents the fair value and aggregate unrealized depreciation of the Sierra Credit Support Agreement as of June 30, 2022:

As of June 30, 2022

($ in thousands)

2 unchanged sentences

Total Sierra Credit Support Agreement $ (7,700)

As of March 31, 2022, the fair value of the Sierra Credit Support Agreement was $44.4 million, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet.

As of June 30, 2022, the fair value of the Sierra Credit Support Agreement was $36.7 million, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet.

The fair value of the Sierra Credit Support Agreement was determined based on an income approach, with the primary inputs being the enterprise value, the continuously annual risk-free interest rate, a measure of expected asset volatility, and the expected time until an exit event for each portfolio company in the Sierra Reference Portfolio, which are all Level 3 inputs.

5 unchanged sentences

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following tables present the Company's foreign currency forward contracts as of March 31, 2022 and December 31, 2021:

As of March 31, 2022

The following tables present the Company's foreign currency forward contracts as of June 30, 2022 and December 31, 2021:

As of June 30, 2022

($ in thousands)

Notional Amount to be Purchased Notional Amount to be Sold Maturity Date Gross Amount of Recognized Assets (Liabilities) Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD) A$67,436 $50,505 04/08/22 $ 138 Prepaid expenses and other assets

Foreign currency forward contract (AUD) A$69,982 $48,421 07/07/22 $ (298) Derivative liability

Foreign currency forward contract (AUD) $19,490 A$27,000 04/08/22 (787) Derivative liability

Foreign currency forward contract (AUD) $6,494 A$9,050 04/08/22 (302) Derivative liability

Foreign currency forward contract (AUD) $51,174 A$68,223 07/07/22 (146) Derivative liability

Foreign currency forward contract (CAD) C$3,203 $2,559 04/08/22 5 Prepaid expenses and other assets

Foreign currency forward contract (CAD) $2,506 C$3,203 04/08/22 (58) Derivative liability

Foreign currency forward contract (AUD) $51,174 A$68,223 07/07/22 4,260 Prepaid expenses and other assets

Foreign currency forward contract (AUD) $1,211 A$1,759 07/07/22 1 Prepaid expenses and other assets

Foreign currency forward contract (AUD) $48,426 A$69,930 10/06/22 302 Prepaid expenses and other assets

Foreign currency forward contract (CAD) C$3,251 $2,528 07/07/22 (8) Derivative liability

Foreign currency forward contract (CAD) $49 C$61 07/07/22 2 Prepaid expenses and other assets

Foreign currency forward contract (CAD) $2,549 C$3,190 07/07/22 76 Prepaid expenses and other assets

Foreign currency forward contract (CAD) $2,543 C$3,269 10/06/22 8 Prepaid expenses and other assets

Foreign currency forward contract (DKK) 2,159kr.

$315 04/08/22 1 Prepaid expenses and other assets

$305 07/07/22 (2) Derivative liability

Foreign currency forward contract (DKK) $323 2,159kr.

1 unchanged sentence

Foreign currency forward contract (DKK) $310 2,178kr.

07/07/22 (1) Derivative liability

10/06/22 2 Prepaid expenses and other assets

Foreign currency forward contract (EUR) €105,535 $111,094 07/07/22 (748) Derivative liability

Foreign currency forward contract (EUR) $111,089 €100,635 07/07/22 5,867 Prepaid expenses and other assets

Foreign currency forward contract (EUR) $5,201 €4,901 07/07/22 77 Prepaid expenses and other assets

Foreign currency forward contract (EUR) €5,020 $5,701 04/08/22 (116) Derivative liability

Foreign currency forward contract (EUR) $25,366 €23,000 04/08/22 (228) Derivative liability

Foreign currency forward contract (EUR) $10,597 €10,000 10/06/22 73 Prepaid expenses and other assets

Foreign currency forward contract (EUR) $96,036 €90,657 10/06/22 620 Prepaid expenses and other assets

Foreign currency forward contract (EUR) $95,469 €85,835 07/07/22 (400) Derivative liability

Foreign currency forward contract (NZD) NZ$11,600 $8,026 04/08/22 42 Prepaid expenses and other assets

Foreign currency forward contract (NZD) NZ$11,801 $7,373 07/07/22 (36) Derivative liability

Foreign currency forward contract (NZD) $8,151 NZ$11,801 07/07/22 (44) Derivative liability

Foreign currency forward contract (NZD) $8,151 NZ$11,801 07/07/22 813 Prepaid expenses and other assets

Foreign currency forward contract (NZD) $7,346 NZ$11,771 10/06/22 36 Prepaid expenses and other assets

Foreign currency forward contract (GBP) £23,156 $29,159 07/07/22 (1,037) Derivative liability

2 unchanged sentences

Foreign currency forward contract (GBP) $16,274 £13,331 10/06/22 55 Prepaid expenses and other assets

Foreign currency forward contract (GBP) $12,612 £9,656 07/07/22 (97) Derivative liability

Foreign currency forward contract (GBP) £10,000 $13,128 07/07/22 35 Prepaid expenses and other assets

Foreign currency forward contract (SEK) 1,976kr $195 07/07/22 (2) Derivative liability

Foreign currency forward contract (SEK) $213 1,976kr 07/07/22 20 Prepaid expenses and other assets

Foreign currency forward contract (SEK) $201 2,026kr 10/06/22 2 Prepaid expenses and other assets

Foreign currency forward contract (SEK) $213 1,976kr 07/07/22 — Derivative liability

Foreign currency forward contract (CHF) 3,100Fr.

$3,241 07/07/22 (2) Derivative liability

Foreign currency forward contract (CHF) $3,237 3,100Fr.

07/07/22 (2) Derivative liability

Foreign currency forward contract (CHF) $3,262 3,100Fr.

10/06/22 2 Prepaid expenses and other assets

Total $ 11,565

9 unchanged sentences

Foreign currency forward contract (AUD) $18,247 A$25,386 04/08/22 (215) Derivative liability

Foreign currency forward contract (CAD) C$3,230 $2,528 01/06/22 29 Prepaid expenses and other assets

Foreign currency forward contract (CAD) C$3,000 $2,425 01/06/22 (50) Derivative liability

Foreign currency forward contract (CAD) $4,881 C$6,230 01/06/22 (51) Derivative liability

Foreign currency forward contract (CAD) $2,506 C$3,203 04/08/22 (29) Derivative liability

Foreign currency forward contract (CAD) $3,230 $2,528 01/06/22 29 Prepaid expenses and other assets

Foreign currency forward contract (CAD) $3,000 $2,425 01/06/22 (50) Derivative liability

Foreign currency forward contract (CAD) $4,881 $6,230 01/06/22 (51) Derivative liability

Foreign currency forward contract (CAD) $2,506 $3,203 04/08/22 (29) Derivative liability

Foreign currency forward contract (DKK) 2,143kr.

19 unchanged sentences

Total $ (217)

As of March 31, 2022 and December 31, 2021, the total fair value of the Company's foreign currency forward contracts was $(1.1) million and $(0.2) million, respectively.

As of June 30, 2022 and December 31, 2021, the total fair value of the Company's foreign currency forward contracts was $11.6 million and $(0.2) million, respectively.

The fair values of the Company's foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

4 unchanged sentences

Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.

As of March 31, 2022, the Company believed that it had adequate financial resources to satisfy its unfunded commitments.

The balances of unused commitments to extend financing as of March 31, 2022 and December 31, 2021 were as follows:

As of June 30, 2022, the Company believed that it had adequate financial resources to satisfy its unfunded commitments.

The balances of unused commitments to extend financing as of June 30, 2022 and December 31, 2021 were as follows:

Portfolio Company

($ in thousands) Investment Type March 31, 2022 December 31, 2021

($ in thousands) Investment Type June 30, 2022 December 31, 2021

1888 Industrial Services, LLC(1)(2) Revolver $ 189 $ —

1 unchanged sentence

Acclime Holdings HK Limited(1) Delayed Draw Term Loan — 110

Accurus Aerospace Corporation(1)(2) Revolver 2,305 —

Air Comm Corporation, LLC(1) Delayed Draw Term Loan 11 11

2 unchanged sentences

Amtech Software(1) Revolver 682 682

AnalytiChem Holding GmbH(1)(2)(3) Delayed Draw Term Loan 6,073 6,207

AnalytiChem Holding GmbH(1)(2)(3) Incremental Term Loan 917 6,207

AnalytiChem Holding GmbH(1)(2)(3) Bridge Revolver 359 —

Aquavista Watersides 2 LTD(1)(2)(4) Bridge Revolver 451 503

7 unchanged sentences

BigHand UK Bidco Limited(1)(2)(4) Acquisition Facility — 378

Black Angus Steakhouses, LLC(1) Acquisition Facility 417 —

Black Angus Steakhouses, LLC(1) Delayed Draw Term Loan 417 —

Bounteous, Inc.(1) Delayed Draw Term Loan 2,840 2,840

3 unchanged sentences

British Engineering Services Holdco Limited(1)(2)(4) Bridge Revolver — 613

Brook & Whittle Holding Corp.(1) Delayed Draw Term Loan 852 —

CAi Software, LLC(1)(2) Revolver 943 943

Canadian Orthodontic Partners Corp.(1)(2)(6) Acquisition Facility 120 167

Canadian Orthodontic Partners Corp.(1)(2)(6) Delayed Draw Term Loan 116 167

Centralis Finco S.a.r.l.(1)(2)(3) Acquisition Facility 424 461

5 unchanged sentences

Command Alkon (Project Potter Buyer, LLC)(1) Delayed Draw Term Loan — 6,018

Comply365, LLC(1)(2) Revolver 1,100 —

Coyo Uprising GmbH(1)(2)(3) Delayed Draw Term Loan 821 894

4 unchanged sentences

DreamStart Bidco SAS(1)(2)(3) Acquisition Facility 567 617

Dune Group(1)(3) Delayed Draw Term Loan 650 665

Dwyer Instruments, Inc.(1) Delayed Draw Term Loan 692 692

Barings BDC, Inc.

1 unchanged sentence

Portfolio Company

($ in thousands) Investment Type March 31, 2022 December 31, 2021

($ in thousands) Investment Type June 30, 2022 December 31, 2021

Dune Group(1)(3) Delayed Draw Term Loan 611 665

Dwyer Instruments, Inc.(1)(2) Delayed Draw Term Loan 692 692

Eclipse Business Capital, LLC(1) Revolver 6,545 11,818

8 unchanged sentences

Finexvet(1)(2)(3) Acquisition Facility 230 —

Footco 40 Limited(1)(2)(4) Delayed Draw Term Loan 773 —

FragilePak LLC(1) Delayed Draw Term Loan 2,354 2,354

GPZN II GmbH(1)(2)(3) CAF Term Loan 549 —

Heartland Veterinary Partners, LLC(1) Delayed Draw Term Loan 267 657

17 unchanged sentences

Lambir Bidco Limited(1)(2)(3) Delayed Draw Term Loan 1,730 1,881

Lattice Group Holdings Bidco Limited(1)(2) Delayed Draw Term Loan 354 —

LeadsOnline, LLC(1) Revolver 2,256 —

10 unchanged sentences

Nexus Underwriting Management Limited(1)(2)(4) Revolver — 103

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company

($ in thousands) Investment Type June 30, 2022 December 31, 2021

Nexus Underwriting Management Limited(1)(2)(4) Acquisition Facility 447 541

3 unchanged sentences

OG III B.V.(1)(2)(3) Acquisition CapEx Facility — 686

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company

($ in thousands) Investment Type March 31, 2022 December 31, 2021

Omni Intermediate Holdings, LLC(1)(2) Delayed Draw Term Loan — 817

4 unchanged sentences

PDQ.Com Corporation(1) Delayed Draw Term Loan 7,753 10,948

Perimeter Master Note Business Trust(1)(2) Series 2022-One Class A 73 —

Perimeter Master Note Business Trust(1)(2) Series 2022-One Class B 73 —

Perimeter Master Note Business Trust(1)(2) Series 2022-One Class C 73 —

Perimeter Master Note Business Trust(1)(2) Series 2022-One Class D 73 —

Perimeter Master Note Business Trust(1)(2) Series 2022-One Class E 3,709 —

Polara Enterprises, L.L.C.(1) Revolver 474 545

3 unchanged sentences

Protego Bidco B.V.(1)(2)(3) Delayed Draw Term Loan 776 844

PSP Intermediate 4, LLC(1)(2)(3) Delayed Draw Term Loan 712

QPE7 SPV1 BidCo Pty Ltd(1)(2)(5) Acquisition Term Loan — 373

2 unchanged sentences

Reward Gateway (UK) Ltd(1)(2)(4) Acquisition Facility 606 1,061

Riedel Beheer B.V.(1)(2)(3) Revolver — 230

Riedel Beheer B.V.(1)(2)(3) Delayed Draw Term Loan 141 153

Sanoptis S.A.R.L.(1)(3) Acquisition Capex Facility 7,482 —

Scaled Agile, Inc.(1) Delayed Draw Term Loan 416 416

Scaled Agile, Inc.(1) Revolver 336 336

Scout Bidco B.V.(1)(3) Revolver 1,009 —

Scout Bidco B.V.(1)(2)(3) Delayed Draw Term Loan 2,223 —

Security Holdings B.V.(1)(3) Delayed Draw Term Loan 2,091 2,274

Security Holdings B.V.(1)(3) Revolver 1,045 1,137

Sereni Capital NV(1)(2)(3) Revolver 53 —

Sereni Capital NV(1)(2)(3) Term Loan 376 —

Smartling, Inc.(1) Delayed Draw Term Loan 1,978 2,353

Smartling, Inc.(1) Revolver 1,176 1,176

Smile Brands Group, Inc.(1)(2) Delayed Draw Term Loan 185 655

Springbrook Software (SBRK Intermediate, Inc.)(1) Delayed Draw Term Loan — 2,373

SSCP Pegasus Midco Limited(1)(2)(4) Delayed Draw Term Loan 4,709 5,251

Superjet Buyer, LLC(1) Revolver 1,825 1,825

Syntax Systems Ltd(1) Revolver 448 569

Syntax Systems Ltd(1) Delayed Draw Term Loan 1,933 1,933

Tank Holding Corp(1) Revolver 509 —

Techone B.V.(1)(2)(3) Delayed Draw Term Loan — 1,621

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company

($ in thousands) Investment Type June 30, 2022 December 31, 2021

Techone B.V.(1)(2)(3) Revolver 219 432

Tencarva Machinery Company, LLC(1) Delayed Draw Term Loan 886 886

Tencarva Machinery Company, LLC(1) Revolver 1,129 1,129

The Caprock Group, Inc.

(aka TA/TCG Holdings, LLC)(1) Delayed Draw Term Loan 2,811 2,811

The Caprock Group, Inc.

(aka TA/TCG Holdings, LLC)(1) Revolver 827 827

The Hilb Group, LLC(1)(2) Delayed Draw Term Loan 2,345 2,773

TPC Group, Inc.(1)(2) Revolver 34,322 —

Transit Technologies LLC(1)(2) Delayed Draw Term Loan — 1,857

Truck-Lite Co., LLC(1)(2) Delayed Draw Term Loan — 4,540

Turbo Buyer, Inc.(1) Delayed Draw Term Loan — 2,070

Turbo Buyer, Inc.(1) Delayed Draw Term Loan 2,130 —

Union Bidco Limited(1)(4) Acquisition Facility 151 —

United Therapy Holding III GmbH(1)(2)(3) Acquisition Facility 1,588 —

USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.)(1)(2) Delayed Draw Term Loan 3,820 —

Victoria Bidco Limited(1)(2)(4) Delayed Draw Term Loan 423 —

Waccamaw River, LLC(2) Joint Venture 2,480 11,280

W2O Holdings, Inc.(1) Delayed Draw Term Loan 2,622 3,832

Woodland Foods, Inc.(1) Revolver 1,465 2,070

Xeinadin Bidco Limited(1)(2)(4) CAF Term Loan 5,986 —

ZB Holdco LLC(1) Revolver 845 —

ZB Holdco LLC(1) Delayed Draw Term Loan 1,352 —

Zeppelin Bidco Limited(1)(2)(4) Capex / Acquisition Facility 2,541 —

Zeppelin Bidco Limited(1)(2)(4) Revolver 534 —

Total unused commitments to extend financing $ 279,328 $ 234,658

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

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

(3) Actual commitment amount is denominated in Euros.

Commitment was translated into U.S.

dollars based on the spot rate at the relevant balance sheet date.

(4) Actual commitment amount is denominated in British pounds sterling.

Commitment was translated into U.S.

dollars based on the spot rate at the relevant balance sheet date.

(5) Actual commitment amount is denominated in Australian dollars.

Commitment was translated into U.S.

dollars based on the spot rate at the relevant balance sheet date.

(6) Actual commitment amount is denominated in Canadian dollars.

Commitment was translated into U.S.

dollars based on the spot rate at the relevant balance sheet date.

(7) Actual commitment amount is denominated in New Zealand dollars.

Commitment was translated into U.S.

dollars based on the spot rate at the relevant balance sheet date.

In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies).

Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable.

As of June 30, 2022 and December 31, 2021, the Company had guaranteed € 9.9 million ($10.3 million U.S.

dollars and $11.3 million U.S.

dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh ("MVC Auto").

The Company would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations.

None of the credit facility guarantees are recorded as a liability on the Company's Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto.

The guarantees denominated in foreign currencies were translated into U.S.

dollars based on the spot rate at the relevant balance sheet date.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses.

The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions.

Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies.

While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations;

however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.

COVID-19 Developments

During the six months ended June 30, 2022, the Coronavirus and the COVID-19 pandemic continued to have an impact on the U.S and global economies.

To the extent the Company's portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Company's future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of the Company's portfolio companies.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the six months ended June 30, 2022 and 2021:

Six Months Ended June 30,

($ in thousands, except share and per share amounts) 2022 2021

Per share data:

Net asset value at beginning of period $ 11.36 $ 10.99

Net investment income(1) 0.52 0.44

Net realized gain (loss) on investments / foreign currency transactions(1) (0.12) 0.03

Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions(1) (0.43) 0.32

Total increase (decrease) from investment operations(1) (0.03) 0.79

Dividends/distributions paid to stockholders from net investment income (0.47) (0.39)

Sierra Acquisition (See Note 9)(2) 0.10 —

Deemed contribution - CSA (See Note 9) 0.40 —

Purchases of shares in share repurchase plan 0.02 —

Tax provision(1) (0.02) —

Other(3) 0.05 —

Net asset value at end of period $ 11.41 $ 11.39

Market value at end of period(4) $ 9.31 $ 10.56

Shares outstanding at end of period 109,785,892 65,316,085

Net assets at end of period $ 1,252,875 $ 744,128

Average net assets $ 1,121,688 $ 731,948

Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized)(5) 9.00 % 9.51 %

Ratio of net investment income to average net assets (annualized) 9.05 % 7.91 %

Portfolio turnover ratio (annualized)(6) 26.75 % 33.77 %

Total return(7) (11.51) % 19.22 %

(1) Weighted average per share data—basic and diluted;

per share data was derived by using the weighted average shares outstanding during the applicable period.

(2) Includes the impact of share issuance and deemed contribution from Barings LLC associated with the Sierra Acquisition

(3) Represents the impact of the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.

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

(5) Does not include expenses of underlying investment companies, including joint ventures and short-term investments.

(6) Portfolio turnover ratio as of June 30, 2022 and 2021 excludes the impact of short-term investments.

Portfolio turnover ratio as of June 30, 2022 excludes the purchase of investment assets included in the Sierra Acquisition.

(7) Total return is based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by the Company's dividend reinvestment plan during the period.

Total return is not annualized.

SIERRA ACQUISITION

On February 25, 2022, the Company completed the Sierra Acquisition pursuant to the terms and conditions of that certain Agreement and Plan of Merger (the “ Sierra Merger Agreement”), dated as of September 21, 2021, by and among the Company, Mercury Acquisition Sub, Inc., a Maryland corporation and a direct wholly owned subsidiary of the Company (“Sierra Acquisition Sub”), Sierra Income Corporation, a Maryland corporation (“Sierra”), and Barings.

To effect the acquisition, Sierra Acquisition Sub merged with and into Sierra, with Sierra surviving the merger as the Company’s wholly owned subsidiary (the “First Sierra Merger”).

Immediately thereafter, Sierra merged with and into the Company, with the Company as the surviving company (the “Second Sierra Merger” and, together with the First Sierra Merger, the “Sierra Merger”).

The Merger has been treated as a “reorganization” within the meaning of Section 368(a)(1)(A) of the Code.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Pursuant to the Sierra Merger Agreement, Sierra stockholders received the right to the following merger consideration in exchange for each share of Sierra common stock issued and outstanding immediately prior to the effective time of the First Sierra Merger (excluding any shares cancelled pursuant to the Sierra Merger Agreement):

(i) approximately $0.9783641 per share in cash, without interest, from Barings and (ii) 0.44973 of a validly issued, fully paid and non-assessable share of the Company’s common stock.

The Company issued approximately 45,986,926 shares of its common stock to Sierra’s former stockholders in connection with the Sierra Merger, thereby resulting in the Company’s then-existing stockholders owning approximately 58.7% of the combined company and Sierra’s former stockholders owning approximately 41.3% of the combined company.

In connection with the completion of the Company’s acquisition of Sierra, the Board affirmed the Company’s commitment to make open-market purchases of shares of its common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed NAV per share.

Any repurchases pursuant to the authorized program will occur during the 12-month period commencing on April 1, 2022 and are expected to be made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act, as well as subject to compliance with the Company’s covenant and regulatory requirements.

In connection with the Sierra Acquisition, on February 25, 2022, the Company entered into the New Barings BDC Advisory Agreement with the Adviser.

Promptly following the closing of the Sierra Merger, the Company also entered into the Sierra Credit Support Agreement with Barings.

See “Note 2 - Agreements and Related Party Transactions” for more information regarding the New Barings BDC Advisory Agreement and the Sierra Credit Support Agreement.

The Sierra Acquisition was accounted for in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations-Related Issues .

Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group.

Per ASC 805-50-30-1, the acquired assets (as a group) are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s records.

ASC 805-50-30-2 goes on to say asset acquisitions in which the consideration given is cash are measured by the amount of cash paid.

However, if the consideration given is not in the form of cash (that is, in the form of noncash assets, liabilities incurred, or equity interests issued), measurement is based on the cost to the acquiring entity or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measured.

The fair value of the merger consideration paid by the Company was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill.

Since the fair value of the net assets acquired exceeded the fair value of the merger consideration paid by the Company, the Company recognized a deemed contribution from the Adviser.

The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Sierra Acquisition:

($ in thousands)

Common stock issued by the Company $ 499,418

Cash consideration paid by the Company(1) 10,670

Deemed contribution from Barings LLC 27,729

Total purchase price $ 537,817

Assets acquired:

Investments(2) $ 442,198

Other assets(3) 3,519

Total assets acquired $ 547,723

Liabilities assumed(4) (9,906)

Net assets acquired $ 537,817

(1) The Company incurred $10.6 million in professional fees and other costs related to the Sierra Acquisition, including $4.0 million in investment banking fees.

(2) Investments acquired were recorded at fair value, which is also the Company's initial cost basis

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

(3) Other assets acquired in the Sierra Acquisition consisted of the following:

($ in thousands)

Interest and fees receivable $ 2,874

Escrow receivable 645

Total $ 3,519

(4) Liabilities assumed in the Sierra Acquisition consisted of the following:

($ in thousands)

Accrued merger expenses $ 3,327

Current and deferred tax liability 3,814

Other liabilities 2,765

Total $ 9,906

SUBSEQUENT EVENTS

Subsequent to June 30, 2022, the Company made approximatel y $215.4 million of new commitments, of which $171.5 million closed and funded.

The $171.5 million of investments consists of $159.8 million of first lien senior secured debt investments, $10.

6 million of second lien senior secured and subordinated debt investments and $1.1 million of equity investments.

The weighted average yield of the debt investments was 8.2%.

In addition, the Company funded $11.6 million of previously committed delayed draw term loans.

On August 9, 2022, the Board declared a quarterly distribution of $0.24 per share payable on September 14, 2022 to holders of record as of September 7, 2022.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements